The State Ownership Report 2008

Th e S t a

te ’ s own e r h i p por The State’s ownership report 2008 t 2008

Ministry of Trade and Industry P.O. Box 8014 Dep NO-0030 Oslo

Visiting address Einar Gerhardsens plass 1

Telephone +47 22 24 90 90 Fax +47 22 24 01 30 E-mail [email protected]

Internet www.regjeringen.no/nhd www.ownershipreport.net

K-0711 E

Omslag2008_Engelsk.indd 1 02-07-09 11:28:07 Contents

The 2008 State ownership report comprises 52 companies in which the State has an ownership interest and in which this ownership is managed directly by the ministries. The report includes the companies where the State in its role as an owner has mainly commercial objectives, as well as the key companies with sector-policy objectives.

Page Page Page The 2008 State ownership report 3 CATEGORY 2 CATEGORY 4 Introduction by the Minister 4 Companies with commercial Companies with sectoral policy State ownership in 2008 5 objectives and ensuring head office objectives Return and values 10 functions in Norway Avinor AS 68 The companies’ economic Aker Holding AS 48 Bjørnøen AS 69 development 16 Cermaq ASA 49 Enova SF 70 Other matters 21 DnB NOR ASA 50 Gassco AS 71 Management of the State ownership 27 Kongsberg Gruppen ASA 51 Gassnova SF 72 Corporate social responsibility 30 Nammo AS 52 Innovasjon Norge 73 External contributions Norsk Hydro ASA 53 Itas amb AS 74 Widar Salbuvik: StatoilHydro ASA 54 Kings Bay AS 75 – Board work in times of crisis 34 Telenor ASA 55 Kompetansesenter for IT i Arne Jon Isachsen: Yara International ASA 56 helse- og sosialsektoren AS 76 – The financial crisis 36 Norfund 77 Norsk Eiendomsinformasjon AS 78 Norsk Rikskringkasting AS 79 CATEGORY 3 Norsk samfunnsvitenskapelig CATEGORY 1 Companies with commercial datatjeneste AS 80 Companies with commercial and other specific, defined objectives Norsk Tipping AS 81 objectives BaneTele AS 57 Petoro AS 82 Argentum Fondsinvesteringer AS 40 Eksportfinans ASA 58 Simula Research Laboratory AS 83 Baneservice AS 41 Electronic Chart Centre AS 59 SIVA SF 84 Entra Eiendom AS 42 Kommunalbanken AS 60 Statnett SF 85 Flytoget AS 43 NSB AS 61 Statskog SF 86 Mesta AS 44 Posten Norge AS 62 Uninett AS 87 SAS AB 45 Statkraft SF 63 Universitetssenteret på Svalbard AS 88 Secora AS 46 Store Norske Spitsbergen AS Vinmonopolet 89 Venturefondet AS 47 Kulkompani AS 64 Veterinærmedisinsk Oppdragssenter AS 65

Regional health authorities Central Norway Regional Health Authority 92 Northern Norway Regional Health Authority 93 Southern and Eastern Norway Regional Health Authority 94 Western Norway Regional Health Authority 95

Contact information 96

Coverphoto: © Norsk Hydro ASA Special circumstances and definitions 97

Design and production: 07 Gruppen, Oslo

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The 2008 State’s ownership report

The State’s ownership report provides an overview of the State’s ownership, how this is managed and the development of the companies. The report is intended to increase knowledge of both the ministries’ work to manage the state’s ownership and the individual companies.

The 2008 State ownership report consists of two main The division of the companies correlates to the categorisation sections. The first contains an overview of the past year and of the companies with state ownership made in Storting White articles pertaining to the State ownership, while the second Paper No. 13 (2006-2007) – An active and long-term describes the individual companies. ownership, with the appendices mentioned in Storting Proposi- tion No. 62 (2007-2008) – Ownership matters pertaining to The companies have been divided into four categories, based Eksportfinans AS, etc., as well as Storting Proposition No. 32. on the objective of the State’s ownership: (2008-2009) – State loans to Eksportfinans ASA.

1. Companies with commercial objectives In addition to the printed editions in Norwegian and English, 2. Companies with commercial objectives and ensuring the 2008 State ownership report and editions of the report head office functions in Norway from previous years are also available online at 3. Companies with commercial and other specific, www.eierberetningen.no. defined objectives 4. Companies with sectoral policy objectives The report is updated as of 31 March 2009.

Key figures for the companies in the 2008 State ownership report

Million NOK Listed Unlisted companies Companies with Total companies (Categories 1–3) sector-policy objectives (Category 4) Value of state ownership interest 1 332 611 97 411 430 022 weighted return last year 2 -40 % profit 3 65 041 23 600 5 405 94 046 weighted return on equity 4 16 % 29 % Dividend 5 15 913 10 473 619 27 005 Sales proceeds 1 347 0 0 1 347 Capital injection/share acq. -17 137 -553 -535 -18 225

1 For listed companies, the value is based on the share price as of 31 December 2008 and the 3 profit after tax and minority interests. For the regional health authorities, the profit is equal to number of shares held by the State on that date. The value of the State’s ownership in Aker the deviation from the result requirements set by the Ministry of Health and Care Services. Holding AS is calculated using the share price for Aker Solutions ASA on the same date. For 4 weighted in accordance with the State’s share of the book equity less minority interests as of the unlisted companies with commercial objectives, the book equity less minority interests as 31 December 2007. See also return on page 18. of 31 December 2008 has been used. 5 Dividend to the State allocated for the 2008 fiscal year and disbursed in 2009. May be subject 2 Change in market value plus dividend received and taking into consideration increase in value to changes adopted at the general meeting in the spring of 2009. of the dividend. The dividend is weighted in accordance with the value of the State’s ownership as of 31 December 2007.

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Introduction by the Minister

The Government is pleased that many of our companies operate abroad, also in cultures very different from our own. The expectations for corporate social responsibility increase proportionately with more prominent international presence and influence. We do not want the financial crisis to cause companies to give less priority to efforts in connection with ethics and corporate social responsibility, rather the opposite. The causes of the financial crisis provide ample illustration of why it is so important, both for society in general and the individual enterprises, that the companies and their boards

© Scanpix shoulder their social responsibility and act in accordance with basic ethical norms. Bloated incentive systems and the lack of 2008 has been a year less ordinary for both the State and critical approach to the sale of risk products have had private owners. The shift in the Norwegian economy was disastrous consequences for the global economy. How these sudden and brutal, and the autumn brought a steady stream types of issues are handled will be decisive in ensuring of bad news from the international financial crisis. Today, no long-term competitiveness for Norwegian business and one can predict how this will develop, or for how long the industry. The boards of the companies are responsible for recession will last. implementing guidelines and systems which ensure that the company’s social responsibility is handled in the best possible Financial crisis or no, the State remains the largest owner in manner. I expect companies where the State has an ownership Norwegian trade and industry. A large state owner can provide interest to be leaders in corporate social responsibility, and the increased predictability and stability, and serves as a guaran- Government will continue to follow up the efforts of the tee that allows the companies to continue to focus on long- individual companies. I would also like to emphasise that the term value creation even in times such as these, where prices State, in all its ownership decisions and management, places and values fluctuate wildly, making it even harder for business great importance on complying with the division of roles and decision-makers to plan for the future. This is an advantage. responsibilities which follows from corporate legislation and generally accepted principles for corporate management and The financial crisis has also demonstrated that the State can owner control. embrace many forms of collaboration between state and private capital. For example, we have injected additional We must face the fact that it is not possible, nor desirable, to owner’s capital (SAS) and Eksportfinans has been given the keep everything as it once was. While we cannot save all jobs, opportunity to finance its lending by borrowing from the State. it is important to remember that the financial crisis can open In other cases, the State has issued guarantees (GIEK), or up new opportunities if we can adapt and innovate. Our established new fund structures (Finansfondet). The financial ambition can be no less than emerging from the crisis unrest has necessitated more, not less, state intervention. We stronger than before, but this requires that we make the right have also demonstrated that this can be handled in many decisions now. We must retain employee expertise, upgrade different ways, and that the direct ownership is one of many equipment, invest in research and facilitate change and elements. reorganisation. This is exactly the kind of long-term value creation perspective which the State can guarantee. However, even extensive state ownership will not leave us unscathed by the financial crisis, and Norway is not immune to This ownership report provides an overview of Norway’s state global events. We are a small country with an open economy ownership. We hope you will find it interesting reading! based mostly on trade with other countries. One thing is certain: The crisis will deepen if Norway and other countries only focus Sincerely on our own problems. The Government is determined not to repeat the mistakes of the interwar years, when trade and toll barriers were erected. International trade is absolutely essential if we are to turn the recession into new growth. Sylvia Brustad, Minister of Trade and Industry

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State ownership in 2008

The negative development in the global economy in the second half of 2008, with plummeting stock markets, weaker global trade and reduced commodity prices also had an impact on the development in the companies where the State has an ownership. From the listed companies, the State’s return was negative by 40 per cent 1. The companies with commercial objectives (Categories 1-3) had a total annual profit after tax and minority interests of NOK 88.6 billion, against NOK 114 billion in 2007. The State will receive NOK 27.0 billion in total dividend for the 2008 fiscal year, against NOK 34.3 billion for the 2007 fiscal year. For the listed companies, the dividend shrank from NOK 25.4 billion in 2007 to NOK 15.9 billion in 2008.

In 2008 and the beginning of 2009, the State has been involved in several ownership transactions, including an increase of the state ownership in StatoilHydro ASA, divestment of ownership interests in BaneTele AS and an increase in capital in SAS AB.

Macro-economic development pro rata retirement of shares in connection with a buyback Several years of very strong growth in the mainland economy program in Telenor ASA. The State also purchased shares in tapered off in 2008, with preliminarily calculations placing StatoilHydro ASA for a total of NOK 17.1 billion. In total, this growth at 2.4 per cent from the preceding year 2. The eco- yielded a negative return to the State of 41.7 per cent, nomic development turned downwards as early as in compared with an opening value of NOK 571 billion at the 2007/2008, and the growth weakened through the year. start of 2008.

The financial crisis has also resulted in a severe slowdown of Other companies the economic growth in most other countries as well. Current The overall result achieved by the unlisted companies in statistics indicate both lower GNP and employment throughout Categories 1-3 was much stronger for 2008 than for 2007, the second half of 2008 and the beginning of 2009, and many measured as the annual result after tax and minority interests. countries have seen rising unemployment. Globally, the For these companies, the total annual profit was NOK 23.6 economy grew by 3.8 per cent in 2008, compared with 5.2 billion, against NOK 10.5 billion in 2007. This increase is per cent in 20073. mainly due to accounting effects of a swap trade between Statkraft and German energy company E.ON. Listed companies The Oslo Stock Exchange started the year with a negative As a group, the companies with sector-policy objectives also development in parts of January, but following this, the achieved a somewhat stronger result than for the preceding benchmark index OSEBX mainly had a positive development year. The overall annual result, excluding the regional health up to the high point so far on 22 May. The second half of authorities, amounted to NOK 6.1 billion for the 2008 fiscal 2008 was characterised by major unrest in the international year, against NOK 4.7 billion for the 2007 fiscal year. capital markets and growing problems in the real economy of most countries. For 2008 as a whole, the OSEBX had a Capital injection and transactions negative development of 54.1 per cent. The Ministry of Justice and the Police and the Ministry of Labour and Social Inclusion presently own a total of 53.4 per The value of the State’s shares on the Oslo Stock Exchange cent of Itas amb AS. A decision has been made to divest this fell by NOK 238 billion in 2008, to a total value of NOK 333 ownership interest, and this work has been ongoing through- billion at year-end 2008. The State will receive dividend from out 2008 and is expected to be concluded in the first half of the listed companies for the 2008 fiscal year of NOK 15.9 2009, cf. Storting Proposition No. 20 (2005-2006), Recom- billion. In addition, the State received NOK 1.3 billion from a mendation to the Storting No. 47 (2005-2006).

1 Share price development in the listed companies weighted in accordance with the market value of the State’s share of the companies as of 31 December 2007, and including increase in value on disbursed dividend equal to reinvestment in five-year government bonds as of 30 June 2008. Does not include the State’s indirect ownership of Aker Solutions ASA through Aker Holding AS. 2 Source: Statistics Norway as of 7 May 2009 3 Source: CIA World Fact Book as of 14 May 2009

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The 2009 ownership conference was held on 17 March at the Ministry of Trade and Industry’s offices in Oslo.

On 18 January 2008, the Government presented a proposal opportunity to increase the lending by NOK 20 billion. The for the State to participate with NOK 180 million in a share background for the increase of the equity was the bank’s capital increase of NOK 1.2 billion in Eksportfinans ASA, strong lending growth in recent years, which had resulted in a which will ensure that the State’s 15 per cent stake in the reduction of the bank’s core capital adequacy. Kommunal- company remains unchanged. On 3 March 2008, the Storting banken AS shall contribute to competition in the market for endorsed the Government’s proposal, cf. Recommendation to offering loans to the municipal sector and thus contribute to the Storting No. 151 and Storting Proposition No. 33 (2007- the lowest possible financing costs for the municipal sector. 2008). As a result of rampant unrest in the international Had the equity not been strengthened, the bank would have capital markets, Eksportfinans’ securities portfolio had had to reduce its lending growth. suffered unrealised losses. In addition, the company had record lending growth in 2007. The purpose of the capital Following SIVA SF’s divestment of its ownership share of 49 increase was to provide satisfactory capital adequacy for the per cent in Veterinærmedisinsk Oppdragssenter AS (VESO company and contribute to achieving higher ratings from the AS) to Aquanova Invest AS, the Ministry of Agriculture and international rating agencies. The capital increase was Food found, based on the concern for VESO AS’ opportunities implemented in the first quarter of 2009. for future development, that it was desirable to offer the new minority owners an opportunity to become majority owners. The merger of Statoil and Hydro’s petroleum activities on 1 This was carried out through a private placement, which October 2007, resulting in the new company StatoilHydro resulted in Aquanova Invest AS achieving an ownership share ASA, gave the State an ownership share of about 62.5 per of 60.1 per cent in VESO AS. Reference is made to the briefing cent in the new company. On 8 June 2007, the Storting given in Storting Proposition No. 22 (2008-2009), Item 4 endorsed an increase of the State’s ownership to 67 per cent. Other matters, cf. also Recommendation to the Storting No. 97 As a result, the State, represented by the Ministry of Petro- (2008-2009). leum and Energy, acquired StatoilHydro shares in the market from 2 June 2008 through 5 March 2009. In total, 143 million In November 2008, the Ministry of Trade and Industry exer- shares were acquired at a total price of about NOK 19.3 cised its right to sell the State’s remaining 50 per cent stake in billion. Following this purchase, the State owns 67 per cent of BaneTele AS to Bredbåndsalliansen at terms stipulated in the the shares in StatoiHydro ASA. shareholder agreement from 2006. BaneTele AS was established as a state-owned limited company in 2001 in a Through two capital increases, the equity of Kommunalbank- demerger from the Norwegian National Rail Administration. In en AS was increased by NOK 466 million in total in 2008, of the autumn of 2006, a private placement was implemented, which the State’s share was NOK 373 million. This took place giving Bredbåndsalliansen a 50 per cent ownership of through an initial increase in the share capital NOK 166 million BaneTele AS. The sale of the shares was carried out in at the general meeting on 19 June 2008, and then another February 2009 following consent from the Storting. The sale NOK 300 million at the extraordinary general meeting of 22 amount was NOK 715 million, and the transaction facilitated December 2008. The last capital increase provides the the establishment of a joint ownership structure under

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The ownership conference is held every year and is a venue for discussing various matters in connection with private and state ownership.

Bredbåndsalliansen and coordination of the activities of In March, the Storting endorsed the proposals in Storting BaneTele AS and the service provider Ventelo’s Norwegian White Paper No. 6 (2007-2008), the NRK placard. The NRK activities. placard shall form the basis for the Storting’s and the Govern- ment’s management of NRK AS’ role in society and reflect the In February 2009, SAS AB presented its new strategy – Core overall requirements and expectations society in general has SAS. The new strategy entails a strengthening of the com- in relation to NRK as a public broadcaster. pany’s capital situation, and new SAS AB shares worth about SEK 6 billion were issued in April. The State participated in the In the spring of 2008, the Government presented Storting issue for its pro rata share and subscribed to new shares White Paper No. 12 (2007-2008), Concerning the activities of worth NOK 709 million. The matter was processed by the Posten Norge AS. The white paper dealt with the conversion Storting on 12 March 2009, cf. Storting Proposition No. 41 of post offices to postal services in stores (“Post i Butikk”), the (2008-2009). continuation of banking services in Posten’s branch network and that the scheme with state purchase of commercially At the end of 2008 and the beginning of 2009, the Govern- unviable politically imposed postal services be continued. The ment launched a number of sets of measures in connection white paper also dealt with the company’s economic develop- with the international financial crisis. These are measures ment and strategies. directed at trade and industry in general, with effects mainly expected in 2009. One of the measures was strengthening the The unrest in the international capital markets, with strong equity of Argentum Fondsinvesteringer AS by NOK 2 billion, growth in risk premiums for debt securities, continued cf. Storting Proposition No. 37 (2008-2009) and Recommen- throughout 2008. As a result, Eksportfinans ASA saw the dation to the Storting No. 139 (2008-2009), which will be value of its securities portfolio drop significantly, with resulting carried out at the company’s general meeting in the spring of unrealised losses which were posted against the company’s 2009. profit and equity. In March 2008, Eksportfinans ASA entered into an agreement with the company’s largest shareholders Other ownership issues (DnB NOR ASA, Nordea Bank AB og Danske Bank AS), which As of 1 January 2008, all activities in the management body entailed that the company, on specific terms, is secured Gassnova were transferred to Gassnova SF. Over the course of against further loss of value in a specific securities portfolio the year, the company has built an operating organisation after 29 February 2008 within a limit of NOK 5 billion. The which has grown from one to 24 employees. At the end of other shareholders were later invited to participate in the 2008, Gassnova SF manages the State’s interests in the agreement on a pro rata basis, and the agreement was

following CO2 handling projects: approved by the company’s general meeting in April 2008. A

• The technology centre for CO2 handling at Mongstad (TCM) majority of the bank shareholders, representing a total of 84.5

• Full-scale CO2 handling at Kårstø per cent of the shares, chose to participate in the portfolio

• Transport and storage of CO2 from Mongstad and Kårstø guarantee agreement.

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The topic of the 2009 conference was how owners and executives think in light of the economic development and what opportunities exist.

In Storting Proposition No. 62 (2007-2008) Ownership issues The international bookmaker company Ladbrokes has sued pertaining to Eksportfinans ASA, etc., the Government put the State, claiming that Norsk Tipping AS’ exclusive right to forward a proposal to authorise the Ministry of Trade and organise certain money lotteries is in violation of Norway’s Industry to participate in the portfolio guarantee agreement, obligations under the EEA agreement. The case went before and that the State’s share of the guarantee limit of NOK 5 Oslo District Court , which requested an advisory statement billion should be limited to maximum NOK 750 million, from the EFTA Court concerning the legal EEA aspects on 1 corresponding to the State’s ownership interest of 15 per cent. August 2006. The EFTA Court’s statement was made on 30 On 17 June 2008, the Storting endorsed the proposal during May 2007, and the State’s view was upheld in Oslo District its consideration of Recommendation to the Storting No. 308 Court’s judgment of 3 October 2008, in accordance with the (2007-2008). The Ministry of Trade and Industry became a statement of the EFTA Court. The judgment was appealed by signatory to the guarantee agreement. Ladbrokes and the appeal case has been scheduled for hearing at Borgarting Court of Appeal in September 2009. Three companies which were formerly not explicitly categorised in accordance with the objective of the ownership were Norsk Tipping is licensed to distribute certain money lotteries categorised in Storting Proposition No. 62 (2007-2008) (odds games and certain numbers games) on the internet. In Ownership issues pertaining to Eksportfinans ASA, etc. These 2008, the Storting adopted important amendments to the Act were Secora AS, Innovation Norway and Gassnova SF. relating to money lotteries, in the form of a clarification which Secora AS is a company where the State’s ownership objective stated that the distribution of money lotteries on the internet is mainly commercial in nature, and the company was was illegal without a Norwegian license. A provision was therefore placed in Category 1. Innovation Norway is primarily adopted which states that distribution of such money lotteries an industry policy tool, while Gassnova SF primarily is an shall be illegal when the enterprise which handles the energy policy tool. These companies were therefore placed in payment transaction is aware that the payment goes to a Category 4 – companies with sector-policy objectives. money lotteries provider without a Norwegian license. The purpose of the amendment is to prevent payment from As a result of the State’s ownership objective in Secora AS Norwegian gamblers to money lotteries distributed on the being only commercial in nature, the management is the state internet which are not approved or supervised by Norwegian ownership was transferred from the Ministry of Fisheries and authorities and which entail an increased risk of gambling Coastal Affairs to the Ministry of Trade and Industry by Royal problems. The amendment constitutes an important contribu- Decree on 1 July 2008. tion to preventing recruitment to such lotteries, and will also curtail the number of gamblers who spend irresponsibly large At the extraordinary general meeting of Avinor AS in August amounts on illegal money lotteries. The Ministry of Culture and 2008, a decision was made to remove the provision in the Church Affairs is working on regulations on this area and the by-laws which set a limit for the company’s borrowing. The act is scheduled to come into force sometime in 2009. decision was made on the basis of the major investment and financing challenges facing Avinor AS in the coming years.

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The 2009 conference’s subtitle was “Time for a more operational ownership?”

To help secure financing of Telenor ASA’s investments in the State. The preference share gives a right to an annual Indian company Unitech Wireless, the Government stated in dividend equal to 22.5 per cent of the company’s annual profit October 2008 that it, on certain terms, was willing to put within the statutory maximum dividend basis. forward a proposition to the Storting for the State to subscribe to a pro rata share of a possible share issue in Telenor ASA. On the basis of the important role Eksportfinans ASA plays in The terms included that any share issue had to be recom- obtaining competitive financing for the Norwegian export mended by Telenor’s board, that the share issue should take industry – and the proposal put forward in Storting Proposition place in the form of a ordinary issue with an upper limit of No. 32 (2008-2009) – State loans to Eksportfinans ASA – the NOK 12 billion and that the issue terms were acceptable. In Storting approved that the State’s ownership in Eksportfinans January 2009, it became clear that Telenor’s board chose to ASA should be placed in Category 3 from 2009. secure the financing of the India investment through a combination of operational cash flow, cancellation of dividend Buyback of own shares for retirement for 2008 and probably 2009 as well as taking out new loans. It is considered desirable, in companies where the State is an The share issue was therefore not relevant. owner, that buyback of own shares followed by retirement of said shares does not result in a change in the State’s owner- Due to the unrest in the capital markets, Eksportfinans ASA ship percentage. Therefore, the State has in recent years experienced problems with gaining access to long-term financing entered into agreements relating to pro rata redemption of in the autumn of 2008. In order to ensure the availability of financ- shares in connection with the establishment of such buyback ing of export contracts which qualify for state-supported loans programs, thus keeping the State’s ownership percentage from Eksportfinans ASA to Norwegian companies, the Government unchanged. These buyback agreements have been within the put forward a Storting Proposition in December 2008, No. 32 framework set by the Storting for the Government for the man- (2008-2009). This entailed that the State would offer Eksportfin- agement of the state ownership. ans ASA loans at market terms on certain conditions. On 18 December 2008, the Storting endorsed the proposal in its The buyback agreements have been formulated in a way which processing of Recommendation to the Storting No. 123 (2008- commits the companies to pay a volume-weighted average of 2009). On this basis, the Norwegian State represented by the the prices the companies have paid when buying shares in the Ministry of Trade and Industry commits to giving loans to Eksport- market, as well as an interest compensation for delayed finans ASA until 31 December 2010. The loans shall have a settlement. This guarantees a price for the State which is equal maturity of five years, or less should Eksportfinans ASA so desire. to what other shareholders have been willing to sell at. The loans shall have market interest rates. In 2008, the State redeemed shares in Telenor ASA in In order to ensure that values are not transferred to the owners connection with the company’s retirement of shares bought of Eksportfinans as a result of this extraordinary access to loans back. The shares purchased by the company were bought from the State, the parties have agreed that the State shall have back on the basis of an authority issued by the general a preference share for as long as Eksportfinans holds loans from meeting in 2007.

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Return and values

The value of the State’s direct ownership on the Oslo Stock Exchange was NOK 333 billion at year-end 2008. The State’s share of the book value of the unlisted companies in which one of the main objectives is commercial (Categories 1-3) was NOK 97.4 billion. For the 26 companies in which one of the main objectives is commercial, this gives a total estimated value of NOK 430 billion for the State’s direct ownership.

There are different methods for evaluating a company, and NOK* Aker Solutions since 22 June 2007 these may give differing results. In order to determine the 250 value of the State’s direct ownership in this report, we use the share price development for the listed companies, while book 200 OSEBX (indexed) equity less minority interests is used for the unlisted compa- 150 nies in Categories 1-3.1 For the sector-policy companies, 100 where the main objectives of the state ownership are not Aker Solutions commercial, i.e. Category 4 companies, no estimated value is 50 given in this report. 0 22-06-07 22-10-07 22-02-08 22-06-08 22-10-08 * Does not include dividend The return on equity for a company is determined by the development of the company’s value, adjusted for any disbursements and payments of capital, including dividend. NOK* Cermaq since the stock exchange listing 140 Share price development for the listed companies 120 The stock market in Norway in 2008 was characterised by a Cermaq 100 growing international financial crisis, economic stagnation and 80 plummeting global stock markets. The problems in the US 60 OSEBX (Indexed) financial sector worsened over the summer and Lehman 40 Brothers went bankrupt in September, while several major 20 financial institutions were saved by bail-out packages from 0 24-10-05 24-10-06 24-10-07 24-10-08 individual states. The lower economic growth also resulted in * Does not include dividend weaker demand for oil and other commodities which dominate the Oslo Stock Exchange. The oil price fell markedly in the latter half of 2008 and resulted in a very turbulent development in the Norwegian stock market 2. NOK* DnB NOR last five years 160

OSEBX (indexed) Compared with the major international markets, the Oslo Stock 120 Market did poorly in 2008. In the US, the S&P 500 index fell by 38.5 per cent, and the IT index Nasdaq fell by 40.5 per cent. 80 DnB NOR The European market, measured by the FTSE Eurotop 100, fell 40 by 43.2 per cent, while the Japanese Nikkei index fell by 42.1 0 1 This does not necessarily give a correct picture of the company’s market value, and the appro- 02-01-04 02-01-05 02-01-06 02-01-07 02-01-08 ach may be considered somewhat conservative. However, the method is consistent over time. * Does not include dividend 2 information obtained from the national report of the National Insurance Scheme Fund.

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NOK* Kongsberg Gruppen last five years NOK* StatoilHydro since establishment 120 250 100 200 StatoilHydro 80 OSEBX (indeksert) 150 60 OSEBX (indexed) 100 40 Kongsberg Gruppen 50 20 0 0 02-01-04 02-01-05 02-01-06 02-01-07 02-01-08 01-10-07 01-01-08 01-04-08 01-07-08 01-10-08 * Does not include dividend * Does not include dividend

NOK* Norsk Hydro since 1 October 2007 NOK* Telenor last five years 90 160 80 70 OSEBX (indexed) 120 60 OSEBX (indexed) 50 80 40 Norsk Hydro 30 Telenor 20 40 10 0 0 01-10-07 01-01-08 01-04-08 01-07-08 01-10-08 02-01-04 02-01-05 02-01-06 02-01-07 02-01-08 * Does not include dividend * Does not include dividend

NOK* SAS last five years NOK* Yara International since stock exchange listing 35 500 30 OSEBX (indexed) 400 25 300 20 Yara 15 200 SAS 10 100 5 OSEBX (indexed) 0 0 25-03-04 25-03-05 25-03-06 25-03-07 25-03-08 02-01-04 02-01-05 02-01-06 02-01-07 02-01-08 * Does not include dividend * Does not include dividend

per cent. The OSEBX index was down by 54.1 per cent in the Dividend same period. For the 2008 fiscal year, the State will receive a total of 26.4 billion in dividend from the companies in Categories 1-3, down Of the sub-indices on the Oslo Stock Exchange, the health, NOK 7.1 billion from the preceding year, reflecting the strained energy and IT sectors fell the least, with 19, 43 and 49 per financial and liquidity-related situation characterising many of cent, respectively. Finance, consumer goods and telecom had the companies. Among the listed companies, none of the the weakest development, falling 67, 63 and 63 per cent, following will disburse dividend for the 2008 fiscal year: respectively . The StatoilHydro share price fell by 33 per cent. Cermaq ASA, DnB NOR ASA, Norsk Hydro ASA, SAS AB and The company, which makes up almost one third of the listed Telenor ASA. Neither will several of the unlisted companies value on the Oslo Stock Exchange, thus contributed to the disburse dividend for the most recent fiscal year. energy sector falling less than the benchmark index.

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2008 return and values

Million Market value 1 State Value of Dividend The State’s Dividend Direct Average NOK ownership the State’s to the State sales proceeds, in 2008 4 return annual stake 1 stake 1 for the 2008 capital injection in 2008 5 dividend fiscal year 2 and share last five purchases 3 years 6

Listed companies Cermaq ASA 2 442 43,5 % 1 063 0 0 -62 % 3,0 % -14 % DnB NOR ASA 35 982 34,0 % 12 234 0 0 -62 % 5,4 % 0 % Kongsberg Gruppen ASA 9 840 50,0 % 4 920 83 0 -2 % 1,5 % 26 % norsk Hydro ASA 34 693 43,8 % 15 204 0 0 -58 % 6,4 % n/A SAS AB 5 774 14,3 % 825 0 0 -49 % 0,0 % -11 % StatoilHydro ASA 363 187 66,4 % 241 236 15 355 -17 137 -27 % 5,0 % n/A Telenor ASA 76 760 54,0 % 41 424 0 1 347 -62 % 2,6 % 6 % Yara International ASA 43 372 36,2 % 15 706 475 0 -39 % 1,6 % 19 % Total listed companies 7 572 050 332 611 15 913 -15 790 -40 %

Million Book equity 8 State Recorded Dividend to The State’s NOK ownership value of the State sales proceeds, stake 1 the State’s for the 2008 capital injection stake 9 fiscal year 2 and share purchases 3

Unlisted companies in Categories 1-3 argentum Fondsinvesteringer AS 3 185 100 % 3 185 0 0 Baneservice AS 122 100 % 122 0 0 entra Eiendom AS 5 724 100 % 5 724 0 0 Flytoget AS 890 100 % 890 98 0 Mesta AS 1 618 100 % 1 618 0 0 Secora AS 62 100 % 62 2 0 Venturefondet AS 25 100 % 25 0 0

aker Holding AS 10 4 654 30 % 2 001 52 0 nammo AS 1 171 50 % 586 67 0

BaneTele AS 721 50 % 360 0 0 eksportfinans ASA 7 208 15 % 1 081 0 -180 electronic Chart Centre AS 19 100 % 19 1 0 Kommunalbanken AS 2 205 80 % 1 764 35 -373 nSB AS 6 219 100 % 6 219 14 0 posten Norge AS 5 153 100 % 5 153 0 0 Statkraft SF 67 449 100 % 67 449 10 000 0 Store Norske Spitsbergen Kulkompani AS 1 138 100 % 1 137 200 0 Veterinærmedisinsk oppdragssenter AS 42 40 % 17 4 0 Total unlisted companies in Categories 1–3 107 604 97 411 10 473 -553

Total 679 654 430 022 26 386 -16 343

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Million Dividend to The State’s NOK the State sales proceeds, for the 2008 capital injection fiscal year 2 and share purchases 3

Companies with sectoral policy objectives innovasjon Norge 26 0 norfund 0 -485 norsk Eiendomsinformasjon AS 11 0 SIVA SF 0 -50 Statnett SF 499 0 Statskog SF 13 0 aS Vinmonopolet 70 0 Total companies with sectoral policy objectives (Category 4) 619 -535

Total all companies 27 052 -16 878

1 As of 31 December 2008. The State ownership stake in StatoilHydro ASA as of 31 March 2009 has been increased to 67 per cent. The market value has been calculated using the total number of issued shares. 2 Proposed dividend – can be changed at the general meeting in the spring of 2009. 3 Sales proceeds are shown as positive numbers, capital injection and share purchases are shown as negative numbers. 4 Share price development including dividend. 5 Disbursed dividend per share in 2008 as a percentage as of 31 December 2007. 6 Taking into account the rise in value of dividend for the last five years. For Yara International ASA last four years, for Cermaq ASA last three years. As a result of the StatoilHydro merger, no return figures have been calculated for Norsk Hydro ASA (excl. the petroleum activities) and StatoilHydro ASA. 7 The return is weighted in accordance with the State’s ownerships stake as of 31 December 2007. 8 Book equity less minority interests 9 The State’s share of book equity less minority interests. 10 At the general meeting in Aker Holding AS in the spring of 2009, a capital reduction was adopted which will provide a basis for a disbursement to the shareholders in 2009. This entails that the State will receive NOK 52 million from Aker Holding AS in 2009.

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2007 return and values

Million Market value 1 State Value of Dividend to The State’s NOK ownership the State’s the State for sales proceeds, value 1 stake 1 the 2007 capital injection fiscal year and share purchases

Listed companies Cermaq ASA 6 984 43,5 % 3 041 91 0 DnB NOR ASA 110 610 34,0 % 37 607 2 039 108 Kongsberg Gruppen ASA 10 170 50,0 % 5 085 75 0 norsk Hydro ASA 96 841 43,8 % 42 440 2 735 2 763 SAS AB 11 309 14,3 % 1 616 0 0 StatoilHydro ASA 538 881 62,5 % 336 810 16 940 2 442 Telenor ASA 218 016 54,0 % 117 653 3 083 0 Yara International ASA 73 331 36,2 % 26 554 422 402 Total listed companies 1 066 143 570 805 25 385 5 716

Million Book State Recorded Dividend to The State’s NOK equity 3 ownership value of the the State for sales proceeds, stake State’s the 2007 capital injection stake 4 fiscal year and share purchases 2

Unlisted companies in Categories 1-3 argentum Fondsinvesteringer AS 3 744 100 % 3 744 135 0 Baneservice AS 156 100 % 156 0 0 entra Eiendom AS 8 444 100 % 8 444 144 0 Flytoget AS 855 100 % 855 65 0 Mesta AS 2 226 100 % 2 226 0 0 Secora AS 55 100 % 55 0 0 Venturefondet AS 24 100 % 24 0 75

aker Holding AS 5 16 065 30 % 4 783 99 -4 819 nammo AS 877 50 % 438 65 0

BaneTele AS 717 50 % 358 0 0 eksportfinans ASA 2 662 15 % 399 0 0 electronic Chart Centre AS 17 100 % 17 1 0 Kommunalbanken AS 1 349 80 % 1 047 0 -59 nSB AS 6 604 100 % 6 604 402 0 posten Norge AS 5 778 100 % 5 778 597 0 Statkraft SF 38 833 100 % 38 833 6 560 0 Store Norske Spitsbergen Kulkompani AS 573 100 % 573 7 0 Veterinærmedisinsk Oppdragssenter AS 34 40 % 17 1 0 Total unlisted companies in Categories 1–3 72 949 74 353 8 076 -4 803

Total 1 139 092 645 158 33 460 913

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Million Dividend to The State’s NOK the State sales proceeds, for the 2008 capital injection fiscal year and share purchases

Companies with sectoral policy objectives avinor AS 397 0 Gassnova SF 0 -10 norfund 0 -485 norsk Eiendomsinformasjon 13 0 SIVA SF 0 -50 Statnett SF 318 0 Statskog SF 13 0 aS Vinmonopolet 52 0 Total companies with sectoral policy objectives (Category 4) 793 -545

Total all companies 34 253 368

1 as of 31 December 2007. The market value has been calculated using the total number of issued shares. 2 Sales proceeds are shown as positive numbers, capital injection and share purchases are shown as negative numbers 3 Book equity less minority interests 4 The State’s share of book equity less minority interests 5 at the general meeting in Aker Holding AS in the spring of 2008, a capital reduction was adopted which will provide a basis for a disbursement to the shareholders in 2008 corresponding to the received dividend from Aker Solutions ASA. This entailed that the State received NOK 99 million from Aker Holding AS in 2008.

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The companies’ economic development

The State monitors the economic development in all companies where it owns a stake. This chapter reports some key financial figures. The main focus in the State’s ownership report is directed towards the companies where the one of the main objectives is commercial, i.e. companies in Categories 1-3, but the State, in its role as owner, also emphasises the efficient operation of the companies with sector-policy objectives and the attainment of political and social objectives with the most efficient use of resources possible.

Result development1 implementation of the swap trade agreement with German- The total profit after tax and minority interests for the 26 based energy company E.ON in 2008. However, the underlying companies in Categories 1-3 amounted to NOK 88.6 billion for result also shows an improvement from 2007 to 2008, mainly the 2008 accounting year, compared with NOK 114 billion in due to higher energy prices and production. 2007. This is a reduction of 22 per cent overall. Entra Eiendom AS posted a significant negative annual result, Among the listed companies, Yara International ASA had the in spite of an operating profit before changes in value in best result when measured against 2007. In 2008, Yara investment properties and write-downs of NOK 943 million, achieved its best financial result ever in 2008, with an annual compared with NOK 869 million in 2007. The weak result is due profit after tax and minority interests of NOK 8.2 billion, up 36 to changes in value of investment properties which resulted in a per cent from 2007. The improvement is mainly due to high reduction of NOK 3.5 billion in 2008, compared with an increase fertiliser prices for most of 2008. of NOK 1.2 billion in 2007. The return requirements of the investors have been set higher, while the banks demand a The rest of the listed companies saw their results drop higher risk premium when giving loans. This results in a higher markedly, with the exception of StatoilHydro ASA, which yield level and reduced the property values in 2008. achieved a result on a par with 2007, NOK 43.3 billion for 2008 against NOK 44.6 billion for 2007. High production and The negative result of Aker Holding AS is due to the fact that an increase in realised oil and gas prices were partly offset by the financial development of the company is connected to the increased operating costs. development in Aker Solutions. The underlying value of Aker Holding is measured by the share price of Aker Solutions. The SAS AB had the weakest result of all the listed companies in State entered into an agreement to buy 30 per cent of the 2008. The annual result for the group for the 2008 fiscal year shares in Aker Holding AS on 22 June 2007, at a price was a deficit of NOK 5-3 billion, compared with a profit of NOK corresponding to NOK 145.60 per Aker Solutions share, plus 0.5 billion for 2007. The main reasons for the weaker result in interest until the take-over date . At the end of 2008, the Aker 2008 were deficits and write-downs related to the subsidiary Solutions share price was NOK 45. Aker Holding has written Spanair totalling almost SEK 4.9 billion, high fuel prices in the down the investment in Aker Solutions ASA in accordance with first half of 2008 and sharply declining passenger volumes as the share price development. a result of the financial crisis in the latter half of 2008. Dividend percentage Of the unlisted companies, the Statkraft SF group had the The dividend percentage is the part of the company’s profit highest turnover, and the company achieved a record result which is disbursed to the owners. The remaining part of the after tax and minority interests of NOK 33.3 billion. The capital is retained by the company and added to the book equity. corresponding result in 2007 was 6.6 billion. A large part of Many of the companies will not pay dividend for the 2008 fiscal the increase is due to the recording of a non-recurring gain of year, resulting in a dividend percentage of nil. This is due to NOK 25.6 billion as income. The gain comes from the negative annual results and/or a need to strengthen the balance 1 The report contains group accounting figures for the individual companies sheet. Of the listed companies, only Kongsberg Gruppen ASA,

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Group accounting figures 2008 – Companies in Categories 1–3

Million The States Operating Operating Annual Capital Balance NOK ownership stake1 income income profit/loss2 employed sheet total Listed companies Cermaq ASA 43,5 % 9 832 177 -59 7 663 10 385 DnB NOR ASA 34,0 % 34 348 12 170 9 211 n/A 1 831 699 Kongsberg Gruppen ASA 50,0 % 11 056 1 038 583 3 616 12 450 norsk Hydro ASA 43,8 % 88 593 1 194 -3 925 57 704 95 157 SAS AB 14,3 % 45 234 -526 -5 327 22 150 39 297 StatoilHydro ASA 66,4 % 656 020 198 832 43 265 430 381 578 423 Telenor ASA 54,0 % 97 194 15 182 13 065 144 601 187 172 Yara International ASA 36,2 % 88 775 12 281 8 228 58 241 80 887 Total listed companies 1 031 052 240 349 65 041 724 357 2 835 470

Unlisted companies (Categories 1–3) argentum Fondsinvesteringer AS 100 % -482 -514 -421 3 187 3 193 Baneservice AS 100 % 581 -44 -34 326 397 entra Eiendom AS 100 % 1 351 -2 916 -2 574 17 738 20 091 Flytoget AS 100 % 719 199 140 1 040 1 385 Mesta AS 100 % 5 592 -555 -608 1 618 3 572 Secora AS 100 % 287 14 9 65 143 Venturefondet AS 100 % 0 0 1 25 26

aker Holding AS 30 % 0,00 -1,46 -11 081 4 654 4 656 nammo AS 50 % 3 130 390 268 1 883 3 087

BaneTele AS 50 % 870 5 4 868 1 162 eksportfinans ASA 15 % 4 864 4 660 3 355 n/A 296 901 electronic Chart Centre AS 100 % 20 3 4 19 24 Kommunalbanken AS 80 % 621 543 390 n/A 216 236 NSB AS 100 % 10 329 105 20 11 874 17 120 posten Norge AS 100 % 28 663 361 -35 9 923 19 516 Statkraft SF 100 % 23 995 16 766 33 279 113 762 145 291 Store Norske Spitsbergen Kulkompani AS 100 % 3 445 1 056 881 1 162 2 670 Veterinærmedisinsk oppdragssenter AS 40 % 234 2 5 47 47 Total unlisted companies in Categories 1–3 84 221 20 074 23 600 168 190 735 518

Total all companies in Categories 1–3 1 115 272 260 422 88 642 892 547 3 570 988

1 as of 31 December 2008 2 annual profit/loss after tax and minority interests

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StatoilHydro ASA and Yara International ASA will disburse reduction of equity suffered by SAS in 2008. The average for the dividend for the 2008 fiscal year. The dividend to the State from period is also negative, but only 5 per cent. 3 these companies is NOK 83 million, NOK 15.4 billion and NOK 475 million, respectively. Among the unlisted companies, more A weighted average for the return on equity for the entire are disbursing dividend, and Flytoget AS, Nammo AS, NSB AS period has also been included. Statkraft SF has a very large and Veterinærmedisinsk Oppdragssenter AS will all disburse impact in this connection, due to the extraordinary result for dividend of 50 per cent or more of the annual profit after tax and the year related to the implementation of the E.ON transaction, minority interests. Statkraft will disburse a dividend of NOK 10 as well as the fact that the State’s share of the book equity in billion for the 2008 fiscal year. Statkraft SF will amount to about 1/7 of the State’s share of book equity in the total portfolio. 4 To illustrate the companies’ ability to yield direct return over time, the table on the following page contains the average Public purchases and state subsidies as part of the dividend percentage for the last five years. This has been sector policy calculated as the total dividend for the last five years divided by Several of the sector-policy companies provide services at the total annual profit/loss after tax and minority interests for the prices and in areas that are not commercially viable. To last five years. Over this period, almost all the listed companies achieve the sector-policy objectives of the State’s ownership in have disbursed dividend, with an average ranging between 18 these companies, the State, in some cases, pays companies and 50 per cent. The exception is SAS AB, which has not to perform some tasks or offer various services. This either disbursed any dividend to its owners over the last five years. takes place through direct purchases by the public sector in Among the unlisted companies, Baneservice AS and Mesta AS companies competing in a market or through direct state have been noted as having a negative dividend percentage over subsidies to companies not competing in a market. The public the last five years. This is due to the fact that the companies’ purchases include purchasing health services from regional aggregate results after tax and minority interests for the last five health authorities, and this constitutes the majority of the years are negative, but that they have had years with positive income of the regional health authorities. results and resulting dividend disbursements over the five-year period. Entra Eiendom AS is also, as a result of special Some of the companies in Category 3, i.e. companies with circumstances, listed with a negative dividend percentage over commercial objectives and other specifically defined objec- the last five years 2. The average dividend percentage for tives, have also been assigned tasks and services which Statkraft for the last five years has been strongly affected by the support sector-policy objectives. record NOK 33.3 billion result in 2008, resulting from the swap trade agreement with E.ON. The extent of the public purchases varies between companies. Overall, the 52 companies referred to in this report received Profitability subsidies and income from public purchases of services of Return on equity is a measure of the profitability of the companies NOK 90.2 billion. The financing of health services is by far the and is measured as the annual result after tax and minority dominant part of this amount, with a total of NOK 88.7 billion. interests divided by the value of the average equity of the majority. This amount is distributed with NOK 12.5 billion to Central Norway Regional Health Authority, NOK 10.8 billion to Northern For the State, which is a long-term owner, it is also interesting to Norway Regional Health Authority, NOK 49 billion to Southern consider the profitability of the companies over time, in addition and Eastern Norway Regional Health Authority and NOK 16.3 to the profitability for the individual year. The average annual billion to Western Norway Regional Health Authority. Public return on equity for the last five years expresses the profitability purchases and state subsidies also amounted to more than over time for each company. SAS AB stands out with a negative half the operating income of Gassnova SF, Innovasjon Norge, return on equity of 48 per cent for 2008. This is due to the Kings Bay AS, NSD AS, Petoro AS, Simula Research significant negative result combined with the substantial Laboratory AS and UNIS AS.

2 The dividend for Entra Eiendom AS is set to 50 per cent of the group’s annual profit after tax and minority interests in accordance with the Norwegian generally accepted accounting 3 however, it must be emphasised that return on equity for the last five years is an expression principles (NGAAP). However, the dividend shall, as long as it does not contravene the provisions of the average per year, and not the average for the entire five-year period. This applies to all of the Limited Liability Companies Act, however, be equal to at least 2 per cent of the book companies. equity after minority interests in accordance with the international accounting standards IFRS 4 if one, in a theoretical case, had set five-year return on equity for Statkraft SF in place of return at the beginning of the accounting year. If there are major accounting effects for some years for the year, the weighted average of the unlisted companies would have been 10 per cent as a result of e.g. the sale of properties, dividend exceeding 2 per cent of book equity can be and the weighted of all companies would have been 15 per cent. With the average from the considered in relation to a three-year period as long as this does not contravene the provisions preceding four years set as Statkraft’s return, the average for the unlisted companies would of the Limited Liability Companies Act. have been 5 per cent and for all companies 13 per cent.

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2008 group accounts figures – Companies in Categories 1–3

Million Cash flow Dividend Average Return Average Equity NOK operations percentage dividend on equity 2 return on percertage 4 percetage equity last last five five years 3 years 1

Listed companies Cermaq ASA 5 -337 0 % 37 % -1 % 14 % 42 % DnB NOR ASA -83 793 0 % 36 % 12 % 18 % 7 % Kongsberg Gruppen ASA -26 28 % 23 % 25 % 22 % 15 % norsk Hydro ASA 6 2 921 0 % 40 % -7 % 8 % 57 % SAS AB -2 254 0 % 0 % -48 % -5 % 20 % StatoilHydro ASA 6 102 533 53 % 50 % 22 % 24 % 37 % Telenor ASA 25 629 0 % 26 % 17 % 22 % 47 % Yara International ASA 5 3 986 16 % 18 % 32 % 30 % 37 % Weighted average listed companies 7 16 %

Unlisted companies in Categories 1–3 argentum Fondsinvesteringer AS -456 0 % 43 % -12 % 7 % 100 % Baneservice AS 8 -21 0 % n/A 9 -25 % -8 % 32 % entra Eiendom AS 405 -7 % n/A 9 -36 % 3 % 29 % Flytoget AS 0 70 % 43 % 16 % 11 % 62 % Mesta AS 162 0 % n/A 9 -32 % -3 % 45 % Secora AS 5 21 0 23 % 15 % 4 % 43 % Venturefondet AS 0 0 % 0 % 3 % -1 % 94 %

aker Holding AS 335 n/a n/a n/a n/A 100 % nammo AS 478 50 % 46 % 26 % 26 % 38 %

BaneTele AS 176 0 % 0 % 1 % -23 % 62 % eksportfinans ASA -34 602 0 % 13 % 68 % 17 % 8 % electronic Chart Centre AS N/A 30 % 31 % 21 % 19 % 80 % Kommunalbanken AS 548 11 % 7 % 27 % 14 % 7 % nSB AS 1 590 72 % 70 % 0 % 5 % 38 % posten Norge AS 1 342 0 % 47 % -1 % 13 % 26 % Statkraft SF 9 746 30 % 54 % 63 % 26 % 48 % Store Norske Spitsbergen Kulkompani AS 2 100 23 % 28 % 103 % 36 % 43 % Veterinærmedisinsk Oppdragssenter AS N/A 174 % 90 % 13 % 7 % 44 % Weighted average unlisted companies in Categories 1–3 7 29 %

Weighted average in all companies in Categories 1–3 7 20 %

1 average dividend percentage is calculated as the total dividend divided by total group profit/loss after tax and minority interests for the last five years. 2 annual profit/loss after minority interests and tax divided by the majority share of average book equity. 3 arithmetic mean for the last five years, or from the establishment. 4 equity as a percentage of total assets. Core capital adequacy ratio has been used for financial enterprises. 5 average dividend percentage and average return on equity last four years. 6 average dividend percentage last three years, and average return on equity last two years. 7 weighted in accordance with the State’s share of the book equity less minority interests as of 31 December 2007. 8 average dividend percentage last four years, and average return on equity last three years. 9 when calculating as defined, the average dividend percentage will be negative

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2008 group accounts figures – Companies with sectoral policy objectives (Category 4)

Million The State’s Operating Operating Annual Equity 3 Balance State subsidies/ NOK ownership stake 1 income profit/loss profit/loss 2 sheet total public purchases

Companies with sectoral policy objectives (Category 4) avinor AS 100 % 7 384 1 368 765 9 285 20 160 0 Bjørnøen AS 100 % 0 0 0 4 4 0 enova SF 100 % 65 7 8 18 29 0 Gassco AS 100 % 0 0 0 14 357 24 Gassnova SF 100 % 53 16 18 28 46 49 innovasjon Norge 100 % 1 199 212 118 1 004 19 281 883 itas amb AS 53,4 % 51 9 10 24 34 0 Kings Bay AS 100 % 46 -1 0 8 22 25 KITH AS 80,5 % 31 1 2 13 20 0 norfund 100 % 271 222 422 5 302 5 349 15 norsk Eiendomsinformasjon AS 100 % 224 16 13 49 114 0 nrK AS 100 % 4 351 -93 -132 1 155 3 117 1 nSD AS 100 % 39 0 3 23 38 20 norsk Tipping AS 100 % 10 719 2 998 3 175 854 5 172 0 petoro AS 100 % 196 0 5 38 117 194 Simula Research Laboratory AS 80 % 94 -5 -3 10 33 54 SIVA SF 100 % 302 71 33 724 2 365 105 Statnett SF 100 % 4 256 1 194 1 517 6 585 20 919 0 Statskog SF 100 % 247 39 20 282 373 15 UNINETT AS 100 % 207 -20 -5 131 282 52 UNIS AS 100 % 85 -3 -3 8 83 79 aS Vinmonopolet 100 % 10 305 107 140 417 2 708 0 Total 40 125 6 106 1 526

The regional health authorities helse Midt-Norge RHF 100 % 13 678 111 86 3 138 16 224 12 505 helse Nord RHF 100 % 11 265 -270 -221 5 252 9 546 10 832 helse Sør-Øst RHF 100 % 53 056 -596 -425 21 934 47 741 49 022 helse Vest RHF 100 % 17 371 -168 -141 6 796 14 853 16 319 Total 95 370 -701 88 678

1 as of 31 December 2008 2 annual profit/loss after tax and minority interests. For the regional authorities, the result deviation from the State’s result requirements as set by the Ministry of Health and Care Services is given. 3 Book equity less minority interests

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Other matters

In their annual reports, the companies also present non-financial key figures. This is partly a result of statutory requirements, but also a result of increased focus on corporate governance, ethics and corporate social responsibility. The tables provide an overview of some non-financial key figures which the State emphasises in its ownership follow-up.

Remuneration to the CEO and board members The auditor shall act and be perceived as independent and In accordance with the Accounting Act, companies are obliged critical. It is therefore important that the auditor is not directly to state the total remuneration to the CEO in their annual involved in the activities to be audited to any significant reports. This requirement is based on a desire to ensure degree. Nor should the auditor carry out advisory assignments transparency about remuneration. The board of a company is of a scope or nature which can raise questions about the responsible for hiring and stipulating the remuneration to the independence of the auditor. CEO. The board of all public limited companies shall also present a declaration on the principles for remuneration of Several of the companies use various auditing firm for senior executive employees, which shall be submitted to the sub-assignments in their groups. The tables on pages 22 and general meeting for a vote. 23 provide an overview of the costs of the companies in connection with the main auditor on a group level. There are The column Total remuneration in the table includes regular four categories of auditor costs: Statutory auditing, audit- wages, bonuses, additional pension savings, paid-up bonus related services, tax-related assistance and other assistance. premiums, awarded options, board remuneration in wholly The categorization of the auditor costs may vary from com- owned subsidiaries and other remuneration subject to pany to company, and not all the companies split the costs taxation. into four categories. For companies which do not make a distinction between audit-related and tax-related services in The remuneration to the board members is stipulated by the their reporting, the fee is stated as audit-related services, even general meeting and should reflect the board’s responsibility, if some it may be tax-related services. competence, time spent and the complexity of the enterprise. The table states total board remuneration for the parent When other fees than the fee from the statutory auditing make company. up a significant share of the total fee to the company’s elected auditor, there may be reason to question the independence of In 2006, the Government established guidelines for the the auditor. However, there are situations where it may be remuneration of senior executive employees in companies practical to use the auditor for other tasks without this being in where the state has an ownership stake. See the publication conflict with independence in connection with the regular “the Government’s ownership policy” for further information. auditing assignment. An example of this may be transactions where confirmation of values may follow the auditor role. Auditor’s fee It is the task of the elected auditor to assess the company’s When other fees constitute a significant part of the auditor’s accounts and ensure that they reflect the actual activities and fee, the State seeks to obtain information about the nature of financial situation. these fees. This is information which is often specified by the companies in the notes to the accounts.

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Other matters – Remunerations in 2008

Thousand Total Total board Statutory Audit-related Tax-related Other NOK remuneration remuneration 2 audit, services, assistance, assistance, to the CEO 1 group group group group

Listed companies Cermaq ASA 3 4 099 1 615 3 816 759 565 231 DnB NOR ASA 8 828 3 126 18 238 3 271 2 532 908 Kongsberg Gruppen ASA 4 7 368 1 436 7 901 356 537 316 norsk Hydro ASA 11 955 3 976 5 912 2 393 0 1 142 SAS AB 5 12 582 3 346 15 306 19 558 0 0 StatoilHydro ASA 6 15 490 4 572 60 300 8 900 0 9 000 Telenor ASA 8 972 2 881 36 300 3 900 7 400 5 300 Yara International ASA 7 14 981 2 310 33 489 2 440 2 500 3 670

Unlisted companies in Categories 1–3 argentum Fondsinvesteringer AS 4 482 545 137 38 10 82 Baneservice AS 1 083 1 473 616 0 0 291 entra Eiendom AS 8 4 576 1 390 1 800 408 45 289 Flytoget AS 1 984 811 410 0 12 258 Mesta AS 9 3 315 1 556 2 240 212 84 205 Secora AS 1 168 516 316 0 27 22 Venturefondet AS 0 228 60 0 0 0

nammo AS 4 674 1 049 2 954 403 0 683 aker Holding AS 0 550 31 6 0 0

BaneTele AS 3 275 889 1 131 0 44 135 eksportfinans ASA 3 966 1 200 7 775 121 0 583 electronic Chart Centre AS 1 105 258 50 0 0 21 Kommunalbanken AS 2 097 689 580 463 30 75 nSB AS 6 014 2 945 5 113 745 695 1 814 posten Norge AS 5 241 4 227 14 839 546 1 590 5 432 Statkraft SF 7 368 2 154 9884 250 1129 292 Store Norske Spitsbergen Kulkompani AS 4 172 1 080 755 0 47 759 Veterinærmedisinsk Oppdragssenter AS 1 493 236 125 14 0 0

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Thousand Total Total board Statutory Audit-related Tax-related Other NOK remuneration remuneration 2 audit, services, assistance, assistance, to the CEO 1 group group group group

Companies with sectoral policy objectives (Category 4) avinor AS 2 200 1 800 900 700 0 0 Bjørnøen AS 0 52 10 0 0 7 enova SF 1 328 730 180 0 0 6 Gassco AS 3 630 1 335 1 699 0 608 543 Gassnova SF 1 636 873 80 0 38 51 innovasjon Norge 2 052 1 188 804 120 47 2 754 itas amb AS 1 143 194 105 32 0 0 Kings Bay AS 1 022 349 111 0 0 26 KITH AS 1 024 0 52 29 0 0 norfund 2 488 450 453 0 0 566 norsk Eiendomsinformasjon AS 1 745 700 135 10 0 0 nrK AS 10 3 057 1 000 565 40 60 64 nSD AS 865 209 134 123 0 0 norsk Tipping AS 2 365 905 0 0 0 0 petoro AS 5 624 1 655 200 0 0 0 Simula Research Laboratory AS 1 417 289 104 0 0 56 SIVA SF 1 394 515 692 22 50 152 Statnett SF 3 377 1 650 835 252 60 427 Statskog SF 1 218 575 285 124 52 14 UNINETT AS 980 436 390 39 0 0 UNIS AS 863 201 45 0 0 0 aS Vinmonopolet 2 433 1 059 485 0 0 475

The regional health authorities Central Norway Regional Health Authority 1 818 1 540 1 334 536 30 240 northern Norway Regional Health Authority 1 556 1 461 1 425 1 411 0 44 Southern and Eastern Norway Regional Health Authority 2 154 2 077 4 550 2 245 36 3 544 western Norway Regional Health Authority 2 627 1 481 2 201 304 21 160

1 includes wages, disbursed bonus, earned pension, other remuneration and the value of options awarded in 2008 on the date the award took place. 2 Total board remuneration in the parent company 3 remuneration to the CEO includes NOK 30 000 for the value of awarded options in accordance with the option program adopted in 2006. The last award based on this program took place on 1 June 2008. 4 remuneration to the CEO includes remuneration to the former CEO until 1 March 2008 and to the new CEO from 1 March 2008. The disbursed bonus amounts to one-third of the bonus earned for 2006 and 2007, which have been charged against income in the corresponding periods. 5 The amounts for SAS AB are given in NOK. The exchange rate used is the mean for 2008, NOK/SEK 1.176. 6 Bonus to the CEO disbursed in 2008 is in connection with the variable long-term incentive system which ended in 2007. The bonus for the period 1 October 2007 – 31 December 2008 will be disbursed in 2009. 7 remuneration to the CEO includes remuneration to the former CEO until 30 September 2008 and to the new CEO from 1 October 2008. The former CEO had a total limit for all remuneration including wages, result bonus, pension and exercising of rights in the share-based incentive system of NOK 15 million per year in the exercise period. The remuneration for 2008 to the former CEO does not include a disbursement of NOK 7.8 million of previously earned rights under a share-based incentive program. 8 includes total remuneration to both Vice CEO Torodd Bøystad (acting CEO for parts of 2008) and CEO Kyrre Olaf Johansen, who assumed the position on 1 September 2008. 9 remuneration to the CEO includes remuneration to the former CEO, the acting CEO until 1 November 2008 and the new CEO from 1 November 2008. 10 Remuneration to the CEO/Director of Broadcasting includes remuneration to the former CEO/Director of Broadcasting of NOK 901 806.

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Board composition The composition of the board must safeguard the interests of Appointing board members is one of the most important tasks the shareholders in the best possible manner. The State for the owners of a company. The State in its role as an owner emphasises that the companies must safeguard a number of puts great emphasis on the board having an overall compe- concerns to develop their assets in the longer term. For a tence adapted to the company’s challenges and market more detailed description of this, please see the document situation. In order to strengthen the work in connection with “The Government’s Ownership Policy”. board composition, the Sate has been active in the work to establish nomination committees in the larger companies. The The State also emphasises that the boards have the necessary members of the nomination committee are representatives of diversity to safeguard such concerns. Representation of both the owners, and together, they prepare a proposal for the genders in wholly owned companies and public limited election of the board to the corporate assemblies or general companies is governed by corporate law and was implement- meetings. For the wholly owned state companies, the various ed effective 1 January 2006. ministries also work in a structured manner to compose the boards. On average, the female representation among the shareholder-elected board members in the 52 companies in this report was 46 per cent.

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Other matters – percentage of female board members

Total percentage Total percentage Percentage of Percentage of of women on of women on shareholder-elected shareholder-elected the board, 2008 1 the board, 2007 1 women on the board 2 women on the board 2 2008 1 2007 1 Listed companies Cermaq ASA 38 % 38 % 40 % 40 % DnB NOR ASA 44 % 45 % 50 % 43 % Kongsberg Gruppen ASA 25 % 25 % 40 % 40 % norsk Hydro ASA 33 % 33 % 50 % 50 % SAS AB 30 % 30 % 29 % 29 % StatoilHydro ASA 36 % 33 % 50 % 38 % Telenor ASA 36 % 40 % 38 % 43 % Yara International ASA 25 % 25 % 40 % 40 % Gjennomsnitt for børsnoterte selskap 33 % 34 % 42 % 40 %

Unlisted companies in Categories 1–3 argentum Fondsinvesteringer AS 60 % 40 % 60 % 40 % Baneservice AS 38 % 25 % 40 % 40 % entra Eiendom AS 43 % 43 % 40 % 40 % Flytoget AS 38 % 38 % 40 % 40 % Mesta AS 33 % 38 % 50 % 60 % Secora AS 40 % 40 % 33 % 33 % Venturefondet AS 33 % 33 % 33 % 33 %

aker Holding AS 40 % 40 % 40 % 40 % nammo AS 38 % 25 % 33 % 17 %

BaneTele AS 25 % 25 % 33 % 33 % eksportfinans ASA 38 % 38 % 43 % 43 % electronic Chart Centre AS 67 % 67 % 67 % 67 % Kommunalbanken AS 43 % 43 % 50 % 50 % nSB AS 25 % 25 % 40 % 40 % posten Norge AS 50 % 50 % 50 % 50 % Statkraft SF 44 % 44 % 50 % 50 % Store Norske Spitsbergen Kulkompani AS 38 % 50 % 60 % 60 % Veterinærmedisinsk oppdragssenter AS 20 % 40 % 20 % 50 % Average for unlisted companies in Categories 1–3 39 % 39 % 43 % 44 %

1 The year does not directly refer to the calendar year, but the period for the ownership report, meaning that the board has been updated as of 31 March 2009. 2 percentage of board members elected by the shareholders or appointed by the owners.

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Total percentage Total percentage Percentage of Percentage of of women on of women on shareholder-elected shareholder-elected the board, 2008 1 the board, 2007 1 women on the board 2 women on the board 2 2008 1 2007 1 Companies with sectoral policy objectives (Category 4) avinor AS 44 % 44 % 50 % 50 % Bjørnøen AS 40 % 40 % 40 % 40 % enova SF 40 % 40 % 50 % 50 % Gassco AS 50 % 57 % 50 % 60 % Gassnova SF 40 % 40 % 40 % 40 % innovasjon Norge 58 % 55 % 60 % 56 % itas amb AS 50 % 50 % 33 % 33 % Kings Bay AS 40 % 40 % 40 % 40 % KITH AS 71 % 86 % 57 % 83 % norfund 60 % 60 % 60 % 60 % norsk Eiendomsinformasjon AS 57 % 57 % 60 % 60 % nrK AS 44 % 44 % 50 % 50 % nSD AS 50 % 43 % 40 % 33 % norsk Tipping AS 57 % 57 % 60 % 60 % petoro AS 43 % 43 % 40 % 40 % Simula Reseach Laboratory AS 57 % 57 % 43 % 43 % SIVA SF 43 % 43 % 43 % 43 % Statnett SF 44 % 44 % 50 % 50 % Statskog SF 50 % 50 % 60 % 60 % UNINETT AS 50 % 50 % 60 % 60 % UNIS AS 57 % 57 % 50 % 60 % aS Vinmonopolet 44 % 56 % 50 % 67 %

The regional health authorities Central Norway Regional Health Authority 54 % 54 % 56 % 56 % northern Norway Regional Health Authority 50 % 46 % 38 % 44 % Southern and Eastern Norway Regional Health Authority 50 % 50 % 55 % 55 % western Norway Regional Health Authority 50 % 50 % 44 % 33 % Average for unlisted companies in Category 4 50 % 51 % 49 % 51 %

Average for all companies 43 % 44 % 46 % 47 %

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Management of the State ownership

The State is the largest owner in Norway and the ministries manage the State’s ownership in more than 80 companies. This report deals with the companies where one of the objectives is commercial (Categories 1-3) and the most important companies with sectoral policy objectives (Category 4), in total 52 companies when including the regional health authorities.

Companies where one of the main objectives is Companies with sectoral policy objectives – Category 4 commercial – Categories 1-3 The sector-policy companies are companies with state One of the main purposes of the ownership management of ownership stakes which have sector-policy and social the companies in Categories 1-3 is to maximise the value of objectives and where the main objectives of the state owner- the State’s shares and contribute to a positive industrial ship are not commercial in nature. These companies are development of the companies. In addition, the management managed by the individual ministries responsible for sector of the state ownership in some of these companies has other policy in the various areas. For example, the state ownership main objectives, such as permanent headquarters in Norway in Statnett SF and Statskog SF is managed by the Ministry of or other specifically defined objectives. Petroleum and Energy and the Ministry of Agriculture and Food, respectively. Examples of objectives which form the Most of the companies where the main objective of the state basis for the state ownership in the sector-policy companies ownership is commercial are managed by the Ministry of are providing the population with safe, environmentally friendly Trade and Industry’s Ownership Department. At the end of and good air traffic services everywhere in Norway (Avinor AS), 2008, the department managed the State’s ownership control over the sale of beverages containing alcohol (AS interests in 20 companies where one of the main objectives Vinmonopolet) and to provide good and equal specialist health was commercial and two companies with sector-policy services for everyone who needs them (the regional health objectives. authorities).

The state ownership in the other companies where one of the Even if the sector-policy companies do not have any commer- main objectives is commercial are managed by the Ministry of cial main objectives, commercial results and efficient use of Local Government and Regional Development (Kommunal- resources are key issues for these companies. The commer- banken AS), the Ministry of Agriculture and Food (Veterinær- cial results in these companies must be weighed against medisinsk Oppdragssenter AS), the Ministry of Petroleum and sector-policy objectives. However, the State, in its role as an Energy (StatoilHydro ASA) and the Ministry of Transport and owner, is concerned with achieving sector-policy and social Communications (Baneservice AS, NSB AS and Posten AS). objectives with the most efficient use of resources possible.

The degree of commercial orientation will vary between the sector-policy companies. For example, NRK operates in a market characterised by competition, while AS Vinmonopolet has a monopoly.

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The State’s ownership includes more than the 52 companies described in this ownership report. The table provides an overview of the 83 companies where the State’s ownership is directly managed by the ministries. The companies are listed by owner ministry. The State’s ownership is as of 31 December 2008, and companies where the State’s ownership stake is less than 1 per cent or where the ownership is managed by subordinate departments are not included in the table. For more information about the companies, contact the responsible owner ministry.

Ministry of Labour and Social Inclusion Ministry of Local Government and adaptor AS 44,4 % Regional Development itas amb AS 7,3 % husbanken 100 % Kompetansesenter for IT i helse- Kommunalbanken AS 80 % og sosialsektoren AS (KITH AS) 10,5 % rehabil AS 100 % Ministry of Culture and Church Affairs Beaivvas Sami Teahter AS 40 % Ministry of Finance Carte Blanche AS 70,0 % nordiske Investeringsbanken 19,1 % Den Nationale Scene AS 66,7 % Den norske Opera AS 90 % Ministry of Fisheries and Coastal Affairs Filmparken AS 77,6 % Bergen Teknologioverføring 20 % nationaltheatret AS 100 % eksportutvalget for fisk AS 100 % norsk opplagskontroll AS 33 % noFIMA AS 100 % norsk Rikskringkasting AS 100 % polarmiljøsenteret AS 11,5 % norsk Tipping AS 100 % rogaland Teater 66,7 % Ministry of Health and Care Services Trøndelag Teater AS 66,7 % aS Vinmonopolet 100 % rosenkrantzgt. 10 AS 3% helse Midt-Norge RHF 100 % helse Nord RHF 100 % Ministry of Education and Research helse Vest RHF 100 % norsk samfunnsvitenskapelig datatjeneste AS 100 % helse Sør-Øst RHF 100 % Simula Research Laboratory AS 80 % Kompetansesenter for IT i helse- Uninett AS 100 % og sosialsektoren AS (KITH AS) 80,5 % Universitetssenteret på Svalbard (UNIS) 100 %

Ministry of Justice and the Police itas amb AS 53,4 % norsk Eiendomsinformasjon AS 100 %

1 Source: Capital account for the State, cf. Storting White Paper No. 3 (2008-2009).

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Ministry of Agriculture and Food Ministry of Petroleum and Energy Bioparken AS 6,2 % Gassco AS 100 % Graminor AS 34 % Gassnova SF 100 % instrumenttjenesten AS 45 % petoro AS 100 % instrumenttjenesten AS 5 % enova SF 100 % Kimen Såvarelaboratoriet AS 51 % Statnett SF 100 % norwegian Forestry Group AS 17,1 % StatoilHydro ASA 4 66,4 % Statskog SF 100 % Staur gård AS 100 % Ministry of Transport and Communications Veterinærmedisinsk Oppdragssenter AS 39,9 % avinor AS 100 % BaneService AS 100 % Ministry of Trade and Industry nSB AS 100 % aker Holding AS 30 % posten Norge AS 100 % andøya Rakettskytefelt AS 100 % argentum Fondsinvesteringer AS 100 % Ministry of Foreign Affairs BaneTele AS 2 50 % norfund 100 %

Bjørnøen AS 100 % 4 on 5 March 2009, the State, represented by the Ministry of Petroleum and Energy, had increa- Cermaq ASA 43,5 % sed its stake to 67 per cent of StatoilHydro ASA. DnB NOR ASA 34 % eksportfinans ASA 15 % electronic Chart Centre AS 100 % entra Eiendom AS 100 % Flytoget AS 100 % innovasjon Norge 100 % Kings Bay AS 100 % Kongsberg Gruppen ASA 50 % Mesta AS 100 % nammo AS 50 % norsk Hydro ASA 43,8 % norsk Romsenter Eiendom AS 100 % raufoss ASA 2 50,3 % SAS AB 14,3 % Secora AS 100 % SIVA SF 100 % Statkraft SF 100 % Store Norske Spitsbergen Kulkompani AS 99,9 % Telenor ASA 54 % Venturefondet AS 100 % Yara International ASA 36,2 %

2 The State, represented by the Ministry of Trade and Industry, sold its stake in BaneTele AS on 26 February 2009. 3 in the process of being wound up.

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Corporate social responsibility

As an owner in about 80 Norwegian companies, the State manages significant assets on behalf of the Norwe- gian society. The State is therefore concerned with ensuring long-term development, creation of value and return on its ownership. The State emphasises good corporate governance of the enterprises in line with the Norwegian recommendation for corporate governance, and also focuses on how the companies meet the expectations of their stakeholders and society in general. Strategies in connection with corporate social responsibility must have a solid basis in the boards of the companies. Follow-up of corporate social responsibility has become a more important part of the State’s ownership dialogue with the companies.

The importance of the companies’ work in connection In the longer term, all these factors will harm the company’s with corporate social responsibility development opportunities and profitability, and ultimately the The companies’ long-term development and return will to a owner’s return. large degree depend on whether the companies take into account and actively seek to influence the factors which over Companies that work on corporate social responsibility in a time increase the company’s business opportunities, and at manner which improves business opportunities can attract the same time seek to neutralise factors which can harm the customers, investors and a competent workforce. There are company’s reputation. The reputation of a company can be many factors which indicate that companies which understand weakened so that customers do not want to buy its products, the risk of inadequate corporate social responsibility and investors do not want to be identified with the company, or which handle these elements well will also become leaders in competent experts do not want to work in the company. the fields of long-term development and return. The State as an owner is concerned with ensuring that companies in which it has a stake avoid behaviour which is not consistent with sustainable and responsible business activities. The State Capgemini 2008 CEO Study 1 would rather see the companies exploit the considerable “Mastering the Triple Bottom Line” business opportunities inherent in incorporating corporate In the summer/autumn of 2008, consultancy firm Capgemini social responsibility in their business strategy. posed questions relating to sustainability to CEOs and other executives in 55 large and medium-sized Norwegian compa- The State’s expectations for companies in which it nies. The hypothesis was that companies that could master owns a stake finances, the environment and social factors, the so-called triple In Storting White Paper No. 10 (2008-2009) Corporate social bottom line, would be the leading companies in the near future. responsibility in a global economy, the Government employs a The study found five characteristics which showed how the definition of corporate social responsibility which entails that companies mastered the triple bottom line: the companies incorporate social and environmental concerns 1. Sustainability has become a top priority for the CEOs. in their daily operations and vis-à-vis their stakeholders. 2. Sustainability represents vast business opportunities. Corporate social responsibility is connected to what the 3. Good work in the field of corporate social responsibility yields companies do voluntarily, beyond complying with existing laws competitive advantages. and regulations in the country in which they operate. The 4. Mastering the triple bottom line requires exacting and Storting White Paper emphasises reporting as an important strategic implementation. element in furthering transparency about corporate social 5. Companies which lead the way in corporate social responsi- responsibility. In the White Paper, the Government proposes to bility have the opportunity to change the competitive terms in expand the duty to provide information about ethical guidelines many industries. and corporate social responsibility laid down by the Accounting Act for the largest companies which are legally bound to 1 See www.capgemini.no for more information about the study. maintain accounting record, regardless of ownership.

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Corporate social responsibility Environment is one of the nine overall considerations described in the ownership report. © N SB

In Storting White Paper No. 13 (2006-2007) Active and Reporting Initiative (GRI) reporting norm. It may also be long-term ownership, the Government expresses clear expecta- practical for the company’s board to consider the need for tions that companies in which the State holds a stake will be quality-assuring the reports by an independent body, for leaders in the field of ethics and corporate social responsibility. instance the company’s auditor. In the ownership report, the Government specified its expectations for corporate social responsibility in a total of nine areas, Follow-up of the State’s expectations referred to as overall considerations. These are: Health, working The State’s expectations for the companies’ work on corporate environment and safety, the environment, ethics, work against social responsibility are clearly set out in both the ownership corruption, gender equality, reorganisation, research and report and in the Government’s ownership policy document for development, integration and career opportunities for other 2007 and 2008, as well as the Storting White Paper on the groups and national security. These are aspects which the corporate social responsibility of the business and industry Government expects the companies to include in their assess- community. The Government’s expectations are followed up ments, and which are intended to support the companies’ and communicated in the regular dialogue which the owner long-term return and industrial development. ministries maintain with companies in which the State holds a stake. The follow-up of the companies work on corporate The State’s attitude toward corporate social responsibility in social responsibility forms a natural part of the follow-up of companies in which it holds a stake is expressed as expecta- companies in which the State holds a stake, in addition to the tions and not absolute requirements. The ethical guidelines attention paid to financial development. and long-term strategy for the individual company are prepared by the board. The work in connection with corporate The various companies may face different challenges in social responsibility must necessarily take into account the relation to various aspects of the work on corporate social differences between the companies as regards size, objec- responsibility, and this will impact the dialogue with the tives, presence in difficult markets, etc. companies. For some companies, the dialogue will be characterised by the company’s general corporate social The State manages large assets through its ownership in the responsibility work. In other companies, there may be follow- companies. The State therefore expects the companies to up in connection with individual incidents. It is often these report on important matters of interest for the shareholders. individual incidents – whether accidents or in connection with This may cause the companies annual reports to contain more working conditions – that gain the most public attention. As an information on some areas than the Accounting Act requires. owner, the State is concerned with the companies defining Companies in which the State has a stake are expected to measures and/or preparing guidelines which safeguard the maintain an open dialogue on issues such as finances, State’s expectations, and which can contribute to reducing the corporate social responsibility and the environment. They must probability that such negative incidents will occur. As an provide information about how they specifically work on these owner, the State can also contribute to changing the composi- issues, and what results they have achieved. Major companies tion of the board to increase competence and focus in relation with international activities are encouraged to use the Global to the company’s corporate social responsibility.

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The development of sustainable value creation often requires prioritising between various economic and environmental concerns. © E nova SF

It is mainly the Ministry of Trade and Industry which manages In order to follow-up the Government’s expectations, the the ownership in companies with commercial objectives. As Ministry of Trade and Industry has done the following: regards companies with sector-policy objectives, these are • Informed the boards of all the companies and other owner mainly managed by other sector ministries. The individual ministries by letter about the Government’s expectations for owner ministry is responsible for following up the companies’ the overall considerations. development, both as regards finances and corporate social • Introduced a routine for raising the companies’ work on responsibility. The focus of the follow-up will vary depending corporate social responsibility in the quarterly owner on the challenges faced by the company. For example, the meetings. regional health authorities may face different challenges in • Hold corporate social responsibility meetings with the connection with corporate social responsibility than listed management of all the companies to map the status of companies, which operate in markets all over the world. This their work The corporate social responsibility meetings shall ownership report will mainly focus on the Ministry of Trade and be held annually. In 2009, the focus will be on the compa- Industry’s follow-up of the state-owned companies with nies’ work to further gender equality and recruit female commercial objectives. senior executives.

Telenor’s activities in Bangladesh1 Telenor’s entry into the Asian telecom market took place through assessing the risk of breaches of the guidelines. A permanent unit the investment in Grameenphone in 1997, where Telenor now for HSE-related matters has now been established in Telenor. owns 62 per cent. At present, Grameenphone is the largest mobile Compliance with the guidelines is now ensured through both telephony operator in Bangladesh, with more than NOK 21 million scheduled and unscheduled visits as well as measures to increase subscribers. On 15 May 2008, the Danish TV documentary “A the understanding of HSE through courses and training in tower of promises” was aired, substantiating clear breaches of the cooperation with the suppliers. Telenor has also entered into a regulations in connection with HSE, child labour and environment partnership with Unicef to combat child labour in Bangladesh, in Bangladesh among Grameenphone suppliers. This marked the focusing on a combination of vocational training and work under beginning of one of the most high-profile cases in connection with safe conditions. corporate social responsibility in Norway. The State has maintained an extensive dialogue with Telenor in The lack of routines for safeguarding the working environment and this case, and the State was kept up to date on the status of the safety which was uncovered made Telenor aware of the need to case and measures implemented by Telenor. strengthen its focus on controlling and following up standards in the supplier chain. Telenor initiated a group-wide project to Other cases in connection with corporate social responsibility improve follow-up in the supplier chain, including an update of where the State kept in contact with the companies 2008 included guidelines for suppliers and implementation of a new system for the matter of SN Power’s activities in India and Yara’s decision to buy a test consignment of phosphate originating in Western 1 See Telenor’s annual report for more information about the company’s corporate social responsibility work. Sahara.

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• Held a state secretary meeting with all the owner ministries 1 in the autumn of 2008 to inform about the Ministry’s “Sustainable value creation” mapping work and to discuss a scheme that is as uniform The collaboration project “Sustainable value creation” is an initiative which promotes transparency in connection with as possible for following up the companies’ corporate social corporate social responsibility, launched in the autumn of 2008 responsibility. by a group of Norway’s largest financial investors. The purpose • Specifically expressed in the Government’s 2008 ownership is to influence Norwegian listed companies to focus on policy document an expectation that the companies’ ethical sustainable development and long-term value creation. The guidelines would be made available to the public by investors backing the initiative are Alfred Berg, DnB NOR, the publishing them on the respective companies’ websites. National Insurance Scheme Fund, Gjensidige, KLP, Nordea, the • Hired an external adviser in the spring of 2009 to review Ministry of Trade and Industry, Odin, Oslo Pensjonsforsikring, the companies’ corporate social responsibility reporting in StatoilHydro Kapitalforvaltning, Storebrand and Vital. their annual reports and sustainability reports. A report is expected to be completed and published in the autumn of The project has held a voluntary questionnaire survey among 2009. the companies listed on the Oslo Stock Exchange to verify important assumptions for future financial return on the In the corporate social responsibility meetings with the customer’s capital. 49 per cent of the companies responded, indicating whether they had guidelines which included key companies held in 2008, the agenda included the following elements in responsible and sustainable business operations, issues: who the guidelines applied to and how they were embedded • Measures implemented by the companies to further and implemented in the organisation. The responsibility of the corporate social responsibility. board and the company’s reporting was also included in the • Activities which the companies define as important for its survey. The questions asked related to human rights, employee activities in this connection, and how these are followed up rights, environment, anti-corruption, HSE and responsible by the company. business behaviour. The overall results of the survey show that • The companies’ ethical guidelines and how these are many companies have guidelines covering the areas addressed embedded and implemented in the organisation as a whole. by the survey, with human rights scoring the lowest and • How corporate social responsibility is safeguarded in responsible business behaviour and HSE scoring the best. In relation to local communities, suppliers, partners and general, the companies achieve the best results on the topic customers. responsibility of the board, and the weakest results on reporting • The companies’ routines for handling any difficult ethical and communication. issues. All state-owned listed companies participated in the survey, • The companies’ notification procedures, cf. the Working achieving satisfactory results among the upper half of the Environment Act. respondents. This survey will also be held in 2009 with support from the Ministry of Trade and Industry and others. Based on the information obtained to date, and the experi- ences gained from the dialogue with the companies, the 1 For more information about the result of the study, see www.baerekraftigverdiskaping.no. Ministry of Trade and Industry will continuously assess whether there is a need for recommending further measures which can contribute to strengthening the companies’ work in stake have, on their own initiative, chosen to report in connection with corporate social responsibility. The experience accordance with the Global Reporting Initiative. This so far is that most of the companies do plenty of good work to includes Statkraft, Kongsberg Gruppen, DnB NOR, Telenor, safeguard their corporate social responsibility. Norsk Hydro, Yara International, SAS and StatoilHydro. Other companies are considering using the same reporting The companies have allocated more attention to this work in standard. recent years: • Several of the companies are members of the UN Global • By far the majority of the companies in which the State Compact. holds a stake have now prepared ethical guidelines. The • Many of the companies issue their own sustainability companies which have not done so are being followed up. reports or provide a detailed account of corporate social Most of the largest companies in which the State holds a responsibility in their annual reports.

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Board work in times of crisis

In less than a year, an unusually long growth period has given way to one of the steepest market declines in recent history. This has happened so fast that the board members elected at the ordinary general meetings last year now have to confront an entirely new reality. During the long growth period, boards focused on expansion and profitability through proactive strategies. The competence of the board members and the prioritisation of their tasks have, over time, increasingly come to reflect this. An obvious question is whether the new market situation should have consequences for the board’s work, for the strategy work, for the board’s supervisory functions or for the board’s relationship with the executive management. A more basic question is whether the increasingly challenging global conditions should have consequences for the requirements set by the owners, either themselves or through a nomination committee, when composing a board with the ability to handle the new challenges the enterprise faces.

By Widar Salbuvik, Chair of the board of directors for the Chair of the Board School

Traditionally, management and supervision have been the two these issues runs a significant risk of making unfortunate main tasks the board exercises on behalf of the owners. Both of decisions – and is therefore not an asset to the enterprise. these tasks will obviously pose new challenges in the coming period. If we look first at the board’s work to manage an The competence which was relevant in the long growth period enterprise, this will mean ensuring that the enterprise always has will usually be less relevant under the current uncertain market an executive management suited to the conditions the enterprise conditions. The need for board members who understand faces, investing the enterprise’s resources where they can be macro-economics has grown. A board composed of members expected to yield the maximum long-term return, and operating who grasp the macro-economic situation, and who also possess within the risk framework stipulated by the owners through the will to communicate this understanding internally, combined bylaws, board instructions, the enterprise’s ethical rules as well with the ability to weigh this interpretation against industry- as legislation and requirements for good business practices. specific and enterprise-specific competence in the board and executive management will provide the enterprise with better The budgets and plans for 2009 prepared in 2008 are most tools for adapting correctly to the situation. There is never any likely no longer relevant. Even the most competent boards would guarantee that the market view assumed by the board is probably admit that they failed to realise the full depth of the correct. However, if the board does not hammer out a unified financial crisis – and there are few among us who do so even view and use this as the basis for its strategy work and overall today. This does not mean that the board did a poor job, but it management, there is no basis for correcting measures as the does mean that, in most cases, an immediate reassessment of market developments materialise. the enterprise’s strategy will be necessary. The difference between good and less good boards will now be determined by Like any other responsible body, a board will have an innate the board’s ability to analyse the new situation and whether it resistance towards changes, especially as regards changes to its has the courage to implement appropriate, fast-track measures own opinions and earlier statements. This is also often true for designed to address the new challenges. the management. There are thus many arguments in favour of making a thorough assessment of the composition of the board, The first challenge encountered by a board will be to establish a its competence and working methods in the current situation. unified view of the market. The long growth period now behind us did not really challenge the average board’s view of the The supervisory challenges facing the board also increase in market. If annual growth remains stable at between 2 and 5 per periods where an enterprise comes under pressure. The manage- cent, diverging views of future framework conditions will not ment’s attention will quickly turn towards short-term survival really be important. The challenges are completely different if strategies, focusing on liquidity and threatening default clauses in the enterprise is facing a market which could fall 20 or 50 per loan agreements. In many cases, this may be the correct course cent, where financing is short-term and dramatic cost cuts must of action to safeguard the interests of the shareholders. However, be made to secure sufficient cash flow. A board can hardly the board must make up its mind as regards the principles, and make the right decision unless it has arrived at a unified view of not least, ethical guidelines that will apply to the enterprise’s the market and prepared a robust analysis of the consequences behaviour under such conditions. It is also important that a board this will have for the enterprise’s earnings and balance sheet. A clearly understands that there are other parties with a bona fide board which docilely defers to the executive management in interest in any company, be they employees, creditors or society in

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general. A board is obliged to safeguard the interests of the shareholders, but cannot always put the interests of the shareholders before the interests of all other stakeholders.

In recent quarters, a number of enterprises, including several shipping and real estate companies have experienced how valuation requirements (IFRS accounts) have led some creditors to call for default remedies, resulting in increased margins or, at worst, forced sale. In reality, such valuations are not truly objective, as the company has a not insignificant chance of influencing the valuations. This applies both when presenting the underlying data for the valuations and not least in the choice Widar Salbuvik of external valuator. The short distance between the departments that handle valuation and transactions also creates some four board meetings per year stipulated by the Limited Liability challenges, as is only natural. Valuations are relevant for Companies Act has little relevance for active board work in times creditors, but also constitute a guide for the stock market/ of crisis, as frequent, long meetings become commonplace. Senior owners. This should make boards more cautious. In times of executives with numerous board seats in operative enterprises are crisis, with sparse activity in the transaction market and now finding it impossible to make time for them all. corresponding great uncertainty in connection with values, it is essential that the board establishes clear principles for how to Should potential board members not recognise these problems, make such valuations. A board without strong market compe- owners and nomination committees must face the consequenc- tence will also be easy prey for an executive management which es of the new challenges. There are still some board members does not share the enterprise’s principles in this matter. who think that four to six brief meetings a year will suffice. In less time than a board member’s term, the enterprise’s assets Some of them have the capacity to make an extra effort, but the have been transformed from steady growth in the right direction risk of the enterprise suffering as a result of insufficient support into one of the largest threats against the enterprise. This poses from the board is great. There have been examples of board new and stricter requirements for the board’s competence and members who chose to resign when the problems start to pile working methods. Similar issues will be relevant for illegalities, up. This is not compatible with the function an elected official is breaches of established policies or good business practices: expected to fill in a board. The shareholders do not elect a ”fair weather board”, but a board which has the competence and It seems obvious that board work in times of crisis is far more capacity to contribute efficiently to managing the shareholders’ risky and demanding than in stable times. Anyone hoping to be assets, rain or shine. elected at this year’s general meeting must ask themselves two questions; There is little doubt that the demanding business climate has • Do I have the competence the enterprise needs in the made the composition of the board more important, but there is coming period? little focus on this aspect. Larger companies often have a • Do I have sufficient time and capacity to solve the challenges nomination committee, but its work is given little attention. facing the enterprise? Participation in nomination committees has traditionally had a The competence that was relevant before might not be as certain honorary character, which may make it hard to impose important if the enterprise has gone from stable asset manage- heavy workloads. Only in exceptional cases does the nomination ment and growth to financial problems and staff reductions. In a committee demand that the board carry out a structured more demanding situation for the enterprise, a general under- self-evaluation which can then be reported back to the nomina- standing of board work will also become more necessary. tion committee as a basis for its work to adjust the composition Understanding of the role, the form of the collaboration and of the board. There is much to indicate that the nomination respect for the boundaries between owner and board and committees, or the owners, must strengthen their focus on management and board will come under more pressure. recruiting board members. The use of professional recruitment firms may be beneficial in that regard, especially if these firms Excellent competence in relevant areas is wasted if you have not acquire more board work competence. set aside enough time to explore the issues in depth. The norm of

_Innledning_eng_ombr.indd 35 02-07-09 11:22:25 The State ownership report 2008

The financial crisis

In February 2007, Ben Bernanke, chairman of the US Federal Reserve, pronounced the economy to be in great shape, an opinion shared by the market.

Six months later, French bank BNP Paribas was unable to determine the value of a fund as some of the securities in the unit trust were no longer being traded. It had become impossible to ascertain the correct price. The market for some securities based on loans to US home-owners had ceased to function. On 15 September 2008, the bubble burst as the investment bank Lehman Brothers filed for Chapter 11. The world’s financial markets ground to a halt.

By Professor Arne Jon Isachsen, BI Norwegian School of Management

The recession we now find ourselves in is the result of a Greenspan was quick to launch supportive measures. Interest financial system which was far more vulnerable than most rates were lowered and new liquidity was injected into the people thought. With all eyes focused on positive macro- market. economic figures for employment, production and price inflation, not enough emphasis was put on the mounting finan- Players in the financial markets thought that if things got really cial imbalances. Banks financed their own growth with loans bad, the US Federal Reserve would come to the rescue, rather than equity, and households unleashed their spending contributing to even higher risk tolerance among private sector in step with rising house prices. When the recession came, players. there was not enough equity to weather the storm. When Alan Greenspan retired as chairman of the Fed in late Bank bonuses based on annual profit, not taking into account January 2006, a few months before turning 80, he was lauded that the risk incurred by many transactions lasts much longer, by practically everyone. Today, three years later, his legacy as reinforced the excessive risk-taking trend, as did the struggle chairman of the Fed has been decimated. What happened? for market shares. There was also the fact that any sober- minded bank manager who held back could easily risk being Alan Greenspan seen in the harsh light of hindsight out of a job if they got off the market merry-go-round too In several interviews, the former chairman of the US Federal soon. As Chuck Prince, the head of Citibank – one of the Reserve claims that a financial crisis of the magnitude we are world’s largest banks – said just before he got fired in July now seeing only happens every 100 years, making it impos- 2007: “As long as the music is playing you’ve got to get up sible for ”the average bank” to prepare for it. But is it not the and dance.” job of the regulatory authorities to ensure that the banks are solid enough to withstand the “hundred-year wave”? Alan Greenspan – the great guru Alan Greenspan was Bernanke’s predecessor as the chairman In retrospect, Greenspan has admitted his excessive faith in of the Federal Reserve System (1987-2006). He had great the market’s ability to regulate itself. Greenspan recently faith in the self-regulatory abilities of the market, claiming that calculated that the need for equity in the banks is much higher regulating financial activities inhibited economic growth. than previously assumed. Had Greenspan argued for and convinced the US congress of the need for a major increase in Greenspan conducted a monetary policy that promoted the equity of banks and other financial institutions at an early growth, where the goal of keeping inflation down was weighed stage of his tenure as chairman of the Fed, the financial crisis against the concern for continuous growth in production and may have been averted. employment. Under special circumstances – such as the US stock market crash just after Greenspan’s ascension to Another matter for which Greenspan has been heavily chairman of the Fed; the bankruptcy of major hedge fund criticised is that interest rates were kept too low too long LTCM; during the Asia crisis; and when Russia and later following the terrorist attacks in September 2001. Cheap loans Argentina became unable to service their foreign debt – generated strong demand, more construction activity and

_Innledning_eng_ombr.indd 36 02-07-09 11:22:25 The State ownership report 2008

rising prices in the housing market. When more and more people buy houses they really cannot afford and interest rates start rising, the bubble bursts. People have to move, there are more houses on the market and prices fall. Housing prices in the US fell by about 20 per cent in 2008.

Low interest rates on financial assets in general caused a more intense hunt for return on capital. The willingness to take risks increased. Derivatives, i.e. new financial products derived from existing ones, were developed as a hedge against various forms of risk. But the increasingly subtle distribution of risk made it easy to lose sight of the big picture. In many cases, far Arne Jon Isachsen too much risk was gathered in too few hands. As Martin Wolf of the Financial Times said: “The proposition that sophisticated Soros calls this unfortunate interaction between fundamental modern finance was able to transfer risk to those best able to values and market prices ”reflexivity”, and defines it like this: manage it has failed. The paradigm is, instead, that risk has ”Mispricing of financial instruments [that] can affect the been transferred to those least able to understand it.” fundamentals that market prices are supposed to reflect.” The hypothesis of rational expectations– a cornerstone of tradi- George Soros and modern financial theory tional financial theory – has no place in this story. During a When the British pound gave up the policy of keeping a fixed congressional hearing in October 2008, Alan Greenspan rate of exchange against the Deutschmark on 16 September admitted that there is “a flaw in the model”. He was probably 1992 and subsequently plummeted in value, financier George referring to something like what we have tried to explain here. Soros banked a billion-dollar profit and secured his place in history as “the man who broke the Bank of England” – accord- George Soros sees a connection between the Lehman ing to the British media. Brothers bankruptcy and the fact that short-selling without having access to the underlying share was allowed in 2007. According to Soros, traditional financial theory does not take By selling a share for delivery in the future (selling short), you into account how erroneous perceptions on the part of the can push the current price down. If you do not need to have players in the financial markets can change reality, a change access to the share you are selling, there is no limit to how which then impacts the prices of financial instruments. Take much you can “short”, and this can reinforce the trend in an the housing market, for example. The generally accepted idea already falling market, increasing the risk of bankruptcies. that real estate prices would never fall meant that banks did Soros believes that the restriction that you can only sell shares not make sufficient provisions for defaults, and interest rates you have access to should be reintroduced. were set too low. This in turn helped drive housing prices higher. A general optimism weakened collateral requirements Consequences of the financial crisis and when the housing bubble burst, many houses were The value of total global production was USD 62 trillion in mortgaged far above their value. The downturn became steep 2008, or USD 62 000 billion. (The Norwegian GDP was about and unpleasant. USD 350 billion in 2008. This means that we, 0.07 per cent of the world’s population, contribute 0.6 per cent of the world’s Another consequence is pure housing market speculation. You production.) Estimates indicate that values in the order of USD buy a house, preferably under construction and with no 50 000 billion have been lost during the crisis. This is due to a intention of moving in, only to re-sell the house at a higher dramatic reduction of the values listed on the world’s stock price. You might know that this is not really the right price, but exchanges, lower values of unlisted enterprises and lower you hope that “a bigger fool”, in the words of Keynes, will go prices for residential and commercial real estate. This for the new price. This behaviour is characterised by herd reduction in wealth promotes increased saving. However, mentality, and housing prices rise far beyond any level which when “everyone” wants to save more, demand dwindles and can be maintained in the long term. so does production, and that is exactly what we are seeing now.

_Innledning_eng_ombr.indd 37 02-07-09 11:22:27 The State ownership report 2008

George Soros (born 1930) is an american financier and philantrophist. Alan Greenspan (born 1926) former chairman of the Federal Reserve System (1987–2006).

For 2009, the world’s production is expected to drop a couple International Monetary Fund (IMF) should play a more central of per cent, after several years of four to five per cent annual role through the issuance of so-called special drawing rights growth. International trade will fall by eight to ten per cent, if (SDR) – a form of money – which in time can become an the World Trade Organisation’s (WTO’s) forecasts are to be alternative to the US dollar. During a G-20 meeting in London believed. on 2 April 2009, a decision was made to issue new drawing rights of USD 250 billion. While 2009 will be a dismal year, there are clear signs that things will start looking up in 2010. The development in the I believe it is fair to say that the international community has world’s stock exchanges will supply an important signal. As demonstrated a great degree of pragmatism in how it has Alan Greenspan reminds us – share prices will start rising handled the financial crisis. The G-20 countries have to some before production does, and higher share prices are in extent coordinated their policies for higher public expendi- themselves stimulating. People feel more affluent and demand tures. This is important, as increased spending in one country rises. increases demand and production in other countries as well.

“Thank God it’s not our fault this time”, is an alleged quote The EU has decided to disregard the requirements of the from a Latin American minister of finance. The recession so-called Stability and Growth Pact. Strict rules limiting the started in the US, where households had lived beyond their size of national budget deficits are not practical in times such means, willingly facilitated by US banks. The whole situation as these. was made possible by high saving rates in other countries, especially in Asia. However, it seems that the crisis is making Increased public spending, possibly in connection with tax itself more acutely felt elsewhere. The economic outlook for cuts, are suitable measures to get through the crisis. Avoiding Japan and Russia is far worse than for the USA. Only China, protectionism, where individual countries raise import tax and with an expected growth of six per cent in 2009, seems to be other trade barriers to favour their own companies, is even bucking the trend. However, this is low for a country used to more important. The lessons learned from the depression in double-digit growth. the 1930s show, with all possible clarity, that protectionism results in a steeper economic decline for everyone. The G-20 The role of the US dollar as the dominant world currency is countries have clearly stated that this is one mistake they will also being questioned. The Chinese have hinted that the not be repeating.

_Innledning_eng_ombr.indd 38 02-07-09 11:22:31 THE STATE’S OWNERSHIP REPORT 2008

Companies where one of the main objectives is commercial operation (Categories 1-3) © StatoilHydro ASA © StatoilHydro

The management of the ownership in companies where one of the objectives is commercial operation aims to maximise the value of the State’s shares and contribute to a positive industrial development of the companies. The State has expectations for the companies’ results and return, based on their risk profiles. The companies operate in markets with other commercial players.

Page Page Page Category 1 Category 2 Category 3 Companies with commercial Companies with commercial Companies with commercial objectives objectives and ensuring head office and other specific, defined objectives Argentum Fondsinvesteringer AS 40 functions in Norway BaneTele AS 57 Baneservice AS 41 Aker Holding AS 48 Eksportfinans ASA 58 Entra Eiendom 42 Cermaq ASA 48 Electronic Chart Centre AS 59 Flytoget AS 43 DnB NOR ASA 50 Kommunalbanken AS 60 Mesta AS 44 Kongsberg Gruppen ASA 51 NSB AS 61 SAS AB 45 Nammo AS 52 Posten Norge AS 62 Secora AS 48 Norsk Hydro ASA 53 Statkraft SF 63 Venturefondet AS 47 StatoilHydro ASA 54 Store Norske Spitsbergen Telenor ASA 55 Kulkompani AS 64 Yara International ASA 56 Veterinærmedisinsk Oppdragssenter AS 65

_Selskapsomtale_eng_ombr.indd 39 02-07-09 11:24:03 THE STATE’S OWNERSHIP REPORT 2008

Argentum Fondsinvesteringer AS

ADDRESS: P.O. Box 3964 Dreggen, 5835 Bergen Chair of the board: Tom Knoff State ownership: 100 per cent TELEPHONE: +47 55 54 70 00 Members of the board: Grethe Høiland, Ada (Ministry of Trade and Industry) INTERNET: www.argentum.no Kjeseth, Marie Jore Ritterberg, Jørgen C. Arentz CEO.: Joachim Høegh-Krohn Rostrup Auditor: PricewaterhouseCoopers AS CO M P A N I E S Argentum Fondsinvesteringer AS is an In 2008, the company made preparations for Income statement (MNOK) 2008 2007 investment firm participating with minority investing in the second-hand market for private Operating income -482 496 Operating costs 31 34 interests in specialized investment funds for equity funds in the Nordic region in order to Operating profit/loss -514 462 active ownership, so-called private equity funds. strengthen the liquidity in this market. Argentum Net financial items 84 77 Argentum’s investments shall be based upon is now well placed also in this market segment. Profit/loss before tax and minority interests -429 539 Tax costs -8 -1 commercial criteria and the return shall be in Minority interests 0 0 line with the best private equity funds in Europe. Argentum invested in six new funds in 2008, Profit/loss after tax and minority interests -421 539 The company was established in 2001 with its including HitecVision V and Viking Venture III. Balance sheet 2008 2007 headquarters in Bergen, a branch office in Oslo HitecVision V attracted several international Intangible assets 14 6 and a representative office in Stockholm. investors and HitecVision is well on its way with Tangible fixed assets 2 1 becoming an international player. Viking Venture Financial fixed assets 1 982 2 043 Total fixed assets 1 998 2 050 Argentum’s objective is to achieve a high rate of established its third fund and has attained a Current assets 1 195 1 704 return and boost value creation in Norwegian solid position in its segment. Total assets 3 193 3 754 business and industry through the active selection and development of asset manager The Government’s stimulus package, launched Subscribed equity 2 650 2 650 Retained/ other equity 535 1 094 expertise. The presence and capacity of such in January 2009, injected NOK 2 billion in new Minority interests 2 2 professional asset manager expertise is a equity into Argentum and no dividend will be Total equity 3 187 3 746 prerequisite for securing long-term access to disbursed for the 2008 fiscal year. Provisions for liabilities and charges 0 0 Long-term liabilities 0 0 venture capital for innovative businesses. Argen- Current interest-bearing liabilities 0 0 tum has established itself as a key player in the Economic development Current interest-free liabilities 6 8 Nordic private equity sector and had invest- The 2008 annual result shows a deficit of Total liabilities 6 8 Total equity and liabilities 3 193 3 754 ments in 31 funds at the end of March 2009. NOK 421 million, compared with a profit of The funds have invested in more than 100 NOK 538 million in 2007. Realised return from Cash flow 2008 2007 businesses, and in total, Argentum’s funds have private equity investments amounted to NOK Operational activities -456 -208 invested NOK 6.7 billion in Norwegian 212 million, compared with NOK 291 million in Investment activities 534 304 Financing activities -138 -132 businesses, of which NOK 3.5 billion in 2008. 2007. The company’s investment portfolio has Change cash and liquid assets -60 -36 been significantly written down through the year and the net unrealised reduction in value Key figures 2008 2007 Important events Capital employed 3 187 3 746 In the spring of 2008, Argentum established the totalled NOK 479 million. The annual internal EBITDA -428 541 Nordic Private Equity Programme (NPEP) in rate of return since the start-up of the fund EBIT -428 541 cooperation with Gjensidige Forsikring, portfolio was 18 per cent at the end of 2008. Equity ratio 99.8 % 99.8 % Return on equity -12 % 15 % ConocoPhillips Norges Pensjonskasse (pension The market value of the fund portfolio was Average return on equity last 5 years 7 % fund) and Varner-Gruppen. NPEP is expected to NOK 1962 million at year-end 2008, compared Return on capital employed -12 % 15 % commit about NOK 7 billion in the period up to with NOK 2022 million at year-end 2007. The Dividend, etc 1 2008 2007 2013. Argentum received “The Nordic Private company’s other income mainly consists of Allocated dividend 0 135 Equity Achievement Award 2008” from the gains from the interest market portfolio and Dividend percentage 0 % 25 % Nordic venture capital associations for its other interest income. Average dividend percentage last 5 years 43 % Allocated dividend to the State 0 135 establishment of NPEP. Additional Information 2008 2007 Number of employees 14 10 Percentage employees in Norway 100 % 100 % The State’s ownership interest at year-end 100 % 100 % Percentage of women on the board, total 60 % 40 % Percentage of shareholder-elected women on the board 60 % 40 %

1 As regards dividend from Argentum, this is calculated on the basis of the part of the profit which is transferred to other equity and deducts the part of the profit which is transferred to “the fund for changes in value”. In the table, the dividend percentage is expressed as a percentage of the annual profit after tax and does not take into account the real calculation. © Argentum ©

_Selskapsomtale_eng_ombr.indd 40 02-07-09 11:24:05 _Selskapsomtale_eng_ombr.indd 41 licence and certificate oftheprincipal. licence andcertificate underthe hasbeenoperating Baneservice potential.area hasasignificantgrowth Sofar, units.tractive powertoothergroup This market using railtotransportgoodsanddelivers tofreightcompanies supplies terminalservices Operations, intheautumnof2007, established Oslo tunnel. The newbusinessarea Terminal the cleaningofballastandothertasksin Norway. The largestoftheseassignmentswas routesin onmostrailway Administration Railway National theNorwegian completed for alsobeen Major maintenanceassignmentshave principal Kollektivtransportproduksjon AS in August. washandedovertothe Kolsåsbanen subway municipality. InOslo, thefirstsectionofnew Bergen for oftheurbanrailway the firststage Railway National Norwegian Administration, and between Stavanger and Sandnes for the thenewdoubletracks the contactlineplantfor ised by two major assignments: the construction of in2008werecharacter The activitiesinNorway Important events inScandinavia. urban railways maintenanceofrailways,heavy tramlinesand construction, inrailway contracting services assignments inDenmark. supplies Baneservice vian Track Group, andhashandled someminor andtheScandina- abranchoffice Sweden by Norway. isalsorepresentedin The group in contractingservices of technicalrailway supplier istheleadingfull-service The company of the Ministry Transport andCommunications. 2005,1 January by andownershipismanaged Railway National Norwegian on Administration Baneservice AS wasdemergedfromthe Chair oftheboard: CEO INTERNET: TELPHON: ADDRESS: Baneservice AS . : LarsSkålnes P.O. Box596Sentrum, 0106Oslo www.baneservice.no +4722456600 Thor Svegården - consists of contracts in the new focus areas. consists ofcontractsinthenewfocus previous years. A large part of the order reserve The group’s ishighcomparedwith orderreserve development. the exception of the loss project, showwith 2007. The resultsintheprojectportfolio, a with positive PensionFund, PublicService Norwegian onapar thepensionschemein and provisionsfor due to provisions in connection with a NOKloss 2.9 project million in 2007. The weak resultNOK 45.3million, comparedwithadeficitof is mainly The group’s result before tax was a deficit of and resultsasbudgeted. Scandinavian Track Grouphasdeliveredturnover market shares. In Sweden, the subsidiary contributedtoincreased urban railsegmenthave urban railsegments. The activitiesinthetram/ market,Norwegian andtram/ both the railway 2007. The increase was generated by the 581.1 million, comparedwithNOK470.5millionin In 2008, Baneservice AS hadaturnoverofNOK Economic development competitiveness andresultsinthecomingyears. will contributetostrengtheningthecompany’s and more onaparwiththerestofindustry scheme. thenewschemeis The costlevelfor transition toanewdefined-contributionpension From 1 January 2009, the company made the effects. yieldingsynergy competence andcapacity Sweden are based on the group’s overall trackowners. private also donefor The activities in Swedish Rail Administration, butsomeworkis The assignments in Sweden are mainly for the Members oftheboard: Auditor: Snarheim*, Randi Willersrud*, KjellØimoen*. Kåveland, Are Langmoen, OlafMelbø, Ove PricewaterhouseCoopers PricewaterhouseCoopers AS 41 EliGiske, Anita

© Baneservice Allocated dividend to the State dividendtotheState Allocated State loans to the company loanstothecompany State 1 womenontheboard ofshareholder-electedPercentage employed Return oncapital Average returnonequitylast3years Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet minorityinterests Profit/loss aftertaxand Minority interests Tax costs minorityinterests Profit/loss before taxand Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) Total ofwomenontheboard percentage The State’s year-end ownershipinterestat Return onequity Percentage employees in Norway employeesinNorway Percentage Number ofemployees Additional Information last4years dividendpercentage Negative Dividend percentage dividend Allocated Dividend etc Equity ratio EBIT EBITDA employed Capital Key figures Financing activities Investment activities activities Operational Cash flow Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Minority interests Change cashandliquidassets * EMPLOYEE-ELECTED St (Ministry of (Ministry Transport andCommunications) be negative. asdefined,For calculation will dividendpercentage theaverage a te ownership: THE STATE’S OWNERSHIPREPORT 2008 100percent 1 -12.9 % -24.6 %

-8.2 % 100 % 121.8 396.7 271.5 125.2 625.1 581.1 326.0 396.7 268.6 155.9 128.0 2008 2008 2007 2008 2008 2008 -34.3 -45.3 -44.0 -12.0 -40.1 -19.0 40 % 38 % 32 % 73 % 84.6 40.6 42.1 70.6 -1.3 0 % 352 N/A -11 -21 -31 0.0 0.0 0.0 1.1 0.0 0.0 6.2 0 1

-6.0 % 100 % 0.5 % 138.0 351.2 230.3 120.9 472.8 470.5 294.2 351.2 189.4 161.9 2007 2007 2006 2007 2007 2007 40 % 25 % 74 % 46 % 38.3 92.5 28.4 20.8 92.6 39.7 57.0 18.5 -4.7 -2.9 -2.4 -0.4 -0.6 0 % 350 -26 -36 0.0 0.0 2.2 1.2 0.0 0.0 5.4 02-07-09 11:24:07 -7 -3

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Entra Eiendom AS

ADDRESS: P.O. Box 3, 0051 Oslo Members of the board: Martin Mæland, Finn State ownership: 100 per cent TELEPHONE: +47 21 60 51 00 Berg Jacobsen, Ottar Brage Guttelvik, Gerd (Ministry of Trade and Industry) INTERNET: www.entra.no Kjellaug Berge, Bjørnar Sletten*, Mari Fjærbu CEO: Kyrre Olaf Johansen Åmdal* Chair of the board: Grace M. Reksten Skaugen Auditor: PricewaterhouseCoopers AS * EMPLOYEE-ELECTED CO M P A N I E S Entra is engaged in the development, operation, Entra has a strong commitment to urban Income statement (MNOK) 2008 2007 purchase and sale of real estate. The company development, exemplified by the Nonneseter area Operating income 1 351 1 230 Operating costs 408 361 can also own shares and stakes and participate in Bergen and Brattørkaia in Trondheim, where Change in value of investment properties -3 492 1 205 in other companies engaged in such activities. Entra has been involved in major development Gain/loss from sale of property 2 -1 Entra’s overall objective is to be a good host for and construction processes in 2008. Operating profit/loss -2 916 2 072 Net financial items -906 -189 its customers, provide the owners with a rate of Profit/loss before tax and return in line with the market average, be a Economic development minority interests -3 822 1 883 leader in priority markets and lead by example The company’s financial reporting is in Tax costs -1222 520 Minority interests -26 -25 in social and environmental responsibility. The accordance with International Financial Profit/loss after tax and company’s strategy states that the company Reporting Standards (IFRS). The group’s overall minority interests -2 574 1 388 shall primarily be a significant player in Oslo, operating income in 2008 was NOK 1351 Balance sheet 2008 2007 Bergen, Trondheim, Stavanger and Kristiansand. million, compared with NOK 1230 million in Intangible assets 23 21 At the end of 2008, the company had 160 2007. The lease income in 2008 amounted to Tangible fixed assets 18 979 21 479 employees. Since its establishment in 2000, NOK 1298 million, against NOK 1186 million in Financial fixed assets 444 363 Entra has undergone significant growth and 2007. The increase in lease income is partly Total fixed assets 19 446 21 864 Current assets 645 703 development, and has become a key player in due to the completion of projects. Total assets 20 091 22 567 the Norwegian real estate market. The volume managed by Entra has increased from about The company’s operating profit before changes Subscribed equity 1 414 1 414 Retained/ other equity 4 310 7 030 600 000 square metres in 2000 to 1 140 000 in value for investment properties and Minority interests 130 158 square metres at year-end 2008. The main write-downs was NOK 943 million, against Total equity 5 854 8 602 purpose of the company is to cover the public NOK 869 million in 2007. Total operating costs Provisions for liabilities and charges 1 646 2 948 in 2008 were NOK 408 million, compared with Long-term liabilities 9 519 8 618 sector’s need for premises, and the company Current interest-bearing liabilities 2 365 1 900 shall be operated in line with commercial NOK 362 million in 2007. The increase in Current interest-free liabilities 708 500 principles. operating costs is mainly due to the completion Total liabilities 14 237 13 965 of projects as mentioned above. Total equity and liabilities 20 091 22 567

Important events Cash flow 2008 2007 Leasing activity has remained high throughout Changes in value for investment properties Operational activities 405 516 the year. Entra had a leased percentage of 97.5 amounted to NOK -3492 million, compared with Investment activities -1 395 -1 751 Financing activities 838 1 434 of the total volume at year-end 2008. Entra NOK 1205 million in 2007. The negative Change cash and liquid assets -153 200 conducts annual customer surveys, and 97 per development in 2008 is mainly due to a difficult cent of the respondents state that they would real estate and finance market. The investors’ Key accounting figures 2008 2007 Capital employed 17 738 19 120 lease from Entra again. requirements for rate of return have increased, EBITDA -3 615 2406 while the banks demand a higher risk premium EBIT -3 255 2 395 In 2008, the company has completed several when granting loans. This results in a higher yield Equity ratio 29 % 38 % Return on equity -36 % 18 % major development projects, including level which reduces the value of the real estate. Average return on equity last 5 years 3 % Akersgaten 51 and Langkaia 1 in Oslo, The group’s total recorded assets at year-end Return on capital employed -18 % 7 % Kjørboveien 12-26 in Sandvika, Grønland 60 in were thus NOK 20.1 billion, against Assets and dividend 2008 2007 Drammen, Gimlemoen 19 in Kristiansand and NOK 22.6 billion in 2007. The group’s equity ratio Allocated dividend 168.9 144 Nonnesetergaten 4 in Bergen. as of 31 December 2008 was 29.1 per cent. Dividend percentage -7 % 10 % Average dividend percentage last 5 years 1 N/A Allocated dividend to the State 168.9 144

Additional Information 2008 2007 Number of employees 160 151 Percentage employees in Norway 100 % 100 % The State’s ownership interest at year-end 100 % 100 % Percentage of women on the board, total 43 % 43 % Percentage of shareholder-elected women on the board 40 % 40 %

1 With calculation as defined, the average dividend percentage will be negative. Photographer: Bo Mathisen Photographer:

_Selskapsomtale_eng_ombr.indd 42 02-07-09 11:24:09 _Selskapsomtale_eng_ombr.indd 43 satisfaction survey conducted by BI Norwegian BINorwegian conductedby survey satisfaction CustomerBarometer,Norwegian acustomer success was the first place achieved in the tax.before The highpointofthecompany’s yearsandamountedtoNOK195million operating The company’s profitexceededallearlier Flytoget.2008 wasyetanotherrecordyearfor Important events from Oslo Airport Gardermoen. toand ofpublictransporttravel percentage One ofFlytoget’s tasksistocontributeahigh toandfromtheairport.travellers equalling amarketshareof36.8percentthe carried5.6millionpassengersin2008,Flytoget andOslo Station Railway Airport is19minutes. 210 km/h. timebetweenOsloCentral The travel has16trainswithatopspeedof The company connection. inthat and renderservices investmentsandfinancialplacements,related and fromOslo Airport Gardermoen, andtomake The company’s trainsto purposeistooperate in2004. Industry of was transferredtotheMinistry Trade and oftheownershipFlytoget Management AS of Ministry Transport andCommunications. the ownedby limitedcompany a separate as wasdemergedfromtheNSBgroup company company’s alsostarted. operations In2003, the Airport Gardermoenopenedin1998, the name NSBGardermobanen AS. When Oslo Flytoget in1992underthe AS wasfounded Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: Flytoget AS Linda BernanderSilseth P.O. Box19Sentrum, 0101Oslo www.flytoget.no +4723159000 EndreSkjørestad Dammyr* Odd Erik Haugland*, Edel Anne Grinaker*, Reidar Gjertsen, MariSkjærstad, IngarNicolaiNilsen, Auditor: Members oftheboard: will be disbursed for 2008. will bedisbursedfor year-end 2007. A dividendofNOK98million year-end 2008, comparedwithNOK6millionat hasnodeferredtaxassetsat The company NOK 37.5millionto150in2008. long-term interest-bearingdebtby year-end 2007. hasreducedits Flytoget year-end 2008, comparedwith66.8percentat Flytoget’s was64.3percentat equityratio cent in2007. equity of16percent, comparedwith16.1per of NOK140million, resultinginareturnon NOK 719millionin2008andaprofitaftertax income of hadanoperating Flytoget Economic development system. ticket andpayment isinvestingNOK50millioninanew company experiencedfulltrains.have Inaddition, the who, travellers product for onsomedepartures, the courseof2009, resultinginastronger trains willbeconvertedintofour-car trainsover 40percent. by of seats Today’s 16three-car in totalnewtrainsandincreasingthenumber isnowinvestingNOK570million The company HSMAI. organisation thetravel by marketer and Norway’s best service company the awards of Norway’s best travel industry Place to Work. Inaddition, earned thecompany conducted by the international organisation Great Norway’s best place to work in the survey School ofManagement, as andtheaward KPMG AS 43 Toril B. Ressem, Trygve 457,6895

© Flytoget AS Return on capital employed Return oncapital Average returnonequitylast5years Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Profit aftertax Tax costs Profit before tax Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St ontheboard ofshareholder-electedPercentage women dividendtotheState Allocated Average last5years dividendpercentage Return onequity Percentage ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat employeesinNorway Percentage Number ofemployees Additional Information Dividend percentage dividend Allocated Dividend Equity ratio EBIT EBITDA employed Capital Key figures Change cashandliquidassets Financing activities Investment activities activities Operational Cash flow (Ministry of (Ministry Trade andIndustry) a te ownership: THE STATE’S OWNERSHIPREPORT 2008 100percent 100 % 100 % 1 385 1 385 1 202 1 040 2008 2008 2008 2008 2008 2008 20 % 11 % 40 % 43 % 16 % 38 % 70 % 62 % -103 -107 523 192 150 181 862 169 692 183 342 571 289 140 195 199 520 719 320 206 286 302 55 98 98 92 -4 0 100 % 100 % 1 281 1 281 1 181 1 043 2007 2007 2007 2007 2007 2007 19 % 40 % 16 % 38 % 50 % 67 % -100 -137 426 145 188 855 163 692 100 275 598 308 130 182 192 498 689 290 194 277 295 -10 02-07-09 11:24:13 93 51 32 65 59 0

Mesta Konsern AS

ADDRESS: P.O. Box 5133, 1503 Moss Members of the board: Mari Skjærstad, Tuva State ownership: 100 per cent TELEPHONE: +47 05 200 Barnholt, Mette Rostad, Bjarne Jensen, Trond (Ministry of Trade and Industry) INTERNET: www.mesta.no Westlie, Jens Petter Hermansen*, Ingar Eira*, CEO: Harald Rafdal Frode Aalerud* Chair of the board: Frode Alhaug Auditor: Ernst & Young AS * EMPLOYEE-ELECTED CO M P A N I E S Mesta AS was established as a State limited satisfactory. Further efficiency measures will be Income statement (MNOK) 2008 2007 company on 1 January 2003 as a result of the necessary in order to achieve profitability. Operating income 5 592 5 846 Operating costs 6 147 5 688 demerger of the production unit of the Through the establishment of the group and Operating profit/loss -555 158 Norwegian Public Roads Administration. The other measures, clearer ownership of the Net financial items 59 38 company is the largest Norwegian contracting financial results will be developed in all units of Profit before tax -496 196 Tax costs 112 54 company in construction, operation and the organisation. Profit after tax -608 142 maintenance of roads and is active all over Norway. The company had 2766 employees at Increases in the allocations to operations and Balance sheet 2008 2007 Intangible assets 105 197 the end of 2008. maintenance of the State road network gives a Tangible fixed assets 1 525 1 339 positive market outlook, indicating a steady Financial fixed assets 6 0 Important events investment rate in road projects in the coming Total fixed assets 1 636 1 535 Current assets 1 936 2 810 Mesta Konsern AS was established on 21 May years. In addition come investments in railways Total assets 3 572 4 345 2008 as part of the split-up of Mesta AS. The and municipal and private roads. In order for activities were organised in the parent company Mesta to remain competitive, it is essential that Subscribed equity 2 226 1 922 Mesta Konsern AS and eight subsidiaries: Mesta the company is efficiently adapted to the Retained/ other equity -608 304 Total equity 1 618 2 226 Drift AS, Mesta Entreprenør AS, Mesta Asfalt AS, amount of work available. Total Provisions for liabilities and charges 601 668 Mesta Stein AS, Mesta Verksted AS, Mesta Long-term liabilities 0 0 Eiendom AS, Mesta Elektro AS and Geo Survey Mesta Konsern ended up with a significant Current interest-bearing liabilities 0 0 Current interest-free liabilities 1 353 1 451 AS. The new group structure was implemented deficit in 2008. The operating income was Total liabilities 1 954 2 119 on 1 September 2008. NOK 5592 million, against NOK 5846 million in Total equity and liabilities 3 572 4 345 2007. The annual result after tax was a deficit Cash flow 2008 2007 Harald Rafdal became CEO on 1 November 2008. of NOK 608 million, compared with a profit of Operational activities 162 -85 NOK 142 million in 2007. The final settlement Investment activities -389 -296 Mesta received NOK 852 million in a final received from the Norwegian Public Service Financing activities 0 0 settlement in connection with the winding up of Pension Fund has been recorded as income in Net cash flow reorganisation/restructuring 0 -226 Change cash and liquid assets -227 -607 the old pension scheme in the Norwegian Public the accounts for 2007 and 2008 with Service Pension Fund. NOK 545 million and NOK 223 million, Key figures 2008 2007 respectively. The earnings from the activities are Capital employed 1 618 2 226 EBITDA -256 387 Economic development influenced by the fact that the enterprise is still EBIT -477 198 Mesta has implemented major restructuring to in a restructuring phase. Mesta will not disburse Equity ratio 45 % 51 % adapt to commercial terms. The company’s any dividend for 2008. Return on equity -32 % 7 % Average return on equity last 5 years -3 % earnings in recent years have not been Return on capital employed -25 % 9 %

Dividend 2008 2007 Allocated dividend 0 0 Dividend percentage 0 % 0 % Average dividend percentage last 5 years 1 N/A

Additional Information 2008 2007 Number of employees 2 755 3 032 Percentage employees in Norway 100 % 100 % The State’s ownership interest at year-end 100 % 100 % Percentage of women on the board, total 33 % 50 % Percentage of shareholder-elected women on the board 60 % 60 %

1 With calculation as defined, the average dividend percentage will be negative. © Mesta

_Selskapsomtale_eng_ombr.indd 44 02-07-09 11:24:15 _Selskapsomtale_eng_ombr.indd 45 Spanair was lost in Madrid, and 154 people died. On 20 August, to anMD-82aircraftbelonging December. 1 aircraft settlement whichentailspurchasingnew aircraft. a SASandBombardierarrivedat threeaccidentswithitsDash8-Q400 suffered During ashortperiodoftimein2007, SAS Important events 2008, had 24635employees. theSASgroup andStockholm.Copenhagen At theendof investors. islistedinOslo,The company private The remainingsharesareownedby cent ofthesharesincompany, respectively. own14.3,Swedish states 14.3and21.4per SAS company AB. The Danish, and Norwegian joint ownercompany, thelistedholding SAS’ ownershipstructureisorganisedthrougha andBritishMidland.Skyways ownership inEstonian Airlines, Air Greenland, outsourcing ordivestment, includingthe SAS,activities ownedby for whichareslated SAS Tech. IndividualHoldingsare Scandinavian Blue1, SASCargo, and SASGroundServices SAS comprisesScandinavian Airlines, Widerøe, hastwobusinessareas:The SASgroup Core Europe. transport basedonthehomemarketinNorthern competitivepassenger main purposeistooffer andits SAS istheleadingairlineinScandinavia Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: SAS AB accidents. theDash8 Bombardier aspartofthesolutionfollowing In March2008, ordered27newaircraftfrom thecompany Mats Jansson Mats 1 . The firstaircraft wasdeliveredin SE-19587Stockholm www.sasgroup.net +46879700007 Fritz H. Schur Auditor: Members oftheboard: share issue early in2009. share issueearly fellin2008,ratio the butwas strengthenedby as of31December2007. The group’s equity SEK 43364million, SEK48770million against amountedto assets oftheSASgroup half of2008. As of21December2008thetotal plummeting passengernumbersinthelatter industry,financial crisisontheaviation with first sixmonthsandtheconsequencesof almost SEK4.9billion, highfuelpricesinthe write-downs inconnectionwithSpanairof 2008wasthedeficitand the weakresultfor 2007.SEK 636millionfor The maincauseof SEK 6321million, comparedwithaprofitof was adeficitof thegroup The annualresultfor Economic development 24percent.oversubscribed by NOK 709million. The shareissuewas subscribed toitsproportionalshareof SEK 6billion, State andtheNorwegian situation.capital SASissuednewsharesworth andstrengtheningthecompany’sorganisation travellers, reducingcosts, streamliningthe market intheNordiccountries, business onSAS’home entailsincreasedfocus strategy –CoreSAS.revamped Strategy The new 2009,On 4February SASpresentedits 2009.implemented inJanuary sell SAS’stakein Air Baltic. was The agreement of withthemanagement agreement Air Balticto quarter,In thefourth SASenteredinto an Ulla Gröntvedt*, H. Olav Lie* Jens ErikChristensen, Verner LundtoftJensen*, Kjøll, Timo Peltola, Mejdell, Dag Anitra Steen, Deloitte AB 45 Jacob Wallenberg, Berit

© SAS AB Income fromdivestedactivities Minority interests Tax costs Intangible assets Intangible Balance sheet Profit/loss aftertaxandminorityinterests Profit/loss before taxandminorityinterests Operating profit/loss costs Operating income Operating Income statement(inNOKmillion * EMPLOYEE-ELECTED St The State’s year-end ownershipinterestat Percentage employees in Norway employeesinNorway Percentage Number ofemployees Additional Information year-endMarket valueat Assets anddividend EBIT EBITDA employed Capital Key figures Financing activities Investment activities activities Operational Cash flow (Ministry of (Ministry Trade andIndustry) 1 Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets Net financialitems womenontheboard ofshareholder-electedPercentage Return onca employed Return oncapital Average returnonequitylast5years Return onequity Percentage ofwomenontheboard,Percentage total Average returnlast5years Dividend totheState Average last5years dividendpercentage Dividend percentage dividend Allocated Closing price Price/book Equity ratio Change cashandliquidassets Total equity Minority interests Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for 2008 and 115.92 for 2007. 2008 and115.92for 2007, ofNOK/SEK117.60for exchangerate andanaverage 2008and117.60for NOK/SEK110.35for exchange rate SEK. usedisthebalance The currencyexchangerate The figuresareinNOK, figuresin fromSAS’group calculated a te ownership: pital incl. dividendlastyear THE STATE’S OWNERSHIPREPORT 2008 14,3percent 1 ) 14.29 % 45 759 45 234 24 635 22 150 39 297 14 974 24 323 10 527 12 807 39 297 31 429 13 440 12 415 -5 327 -2 622 -4 511 -2 477 -2 254

-48 % -49 % -11 % 5 774 1 259 2 109 6 377 1 491 35.10 7 868 1 868 3 706 2008 2008 2008 2008 2008 2008 32 % 29 % 30 % 20 % -888 -526 -5 % -362 0 % 990 -48 -24 -94 0.7 0 0 0 0 0 14.29 % 42 902 44 001 25 516 21 805 41 069 18 616 22 453 10 106 11 315 13 040 41 069 26 628 15 420 14 441 -1 549 -3 783 11309 -34 % 2 228 2 413 1 385 1 032 1 099 68.75 1 618 1 715 3 845 5 649 2007 2007 2007 2007 2007 2007 31 % 29 % 30 % 35 % 11 % -179 -213 6 % 7 % 109 241 886 536 0.8 02-07-09 11:24:16 16 1 0 0 0 0

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Secora AS

ADDRESS: P.O. Box 693, 8301 Svolvær Chair of the board: Stein Wiggo Bones State ownership: 100 per cent TELEPHONE: +47 99 22 00 00 Members of the board: Siv Sandvik, Steinar (Ministry of Trade and Industry) INTERNET: www.secora.no Johannesen, Merete Grønhaug*, Hugo Paulsen* CEO: Ole-Johnny Johansen Auditor: KPMG AS * EMPLOYEE-ELECTED CO M P A N I E S Secora AS is a maritime contractor with its core Secora AS was chosen by Oslo Port Authority as Income statement (MNOK) 2008 2007 activities in the development of ports and the supplier for the environmental dredging Operating income 287.3 254.3 Operating costs 273.6 248.7 shipping channels, construction and mainte- project “Ren Oslofjord” from 2006 to 2008. The Operating profit/loss 13.8 5.6 nance of port facilities, measurement and project has been the subject of considerable Net financial items 0.7 0.3 inspection under water, construction and attention from both the media and environmen- Profit before tax 14.5 5.3 Tax costs 5.9 1.7 maintenance of breakwaters as well as tal organisations, and allegations have been Profit/loss after tax and minority interests 8.6 3.6 environmental dredging. The company’s made of irregular depositing of sediments in the headquarters are in Svolvær, and the company deepwater disposal site at Malmøykalven. Balance sheet 2008 2007 Intangible assets 1.6 1.7 was established in 2005 when the Norwegian Secora’s board immediately hired Det Norske Tangible fixed assets 41.5 48.7 Coastal Administration’s production unit was Veritas to conduct a comprehensive investiga- Financial fixed assets 0.0 1.6 demerged as a limited company. tion. The investigation report concluded that the Total fixed assets 43.1 51.9 Current assets 100.2 78.5 quality assurance system used by the project Total assets 143.2 130.4 Secora AS’ overall purpose is to establish its has been satisfactory, but that there have been position as a national market leader and sporadic breaches of individual work proce- Subscribed equity 55.0 55.0 become a professional and profitable player dures. The case will be probably be heard in the Retained/ other equity 6.5 0.4 Total equity 61.5 55.4 abroad. Secora’s Swedish subsidiary, Secora District Court in the autumn of 2009. Provisions for liabilities and charges 2.4 11.8 Sverige AB, services the Swedish market from Long-term liabilities 3.7 5.5 its office in Stockholm. Economic development Current interest-bearing liabilities 0.0 0.0 Current interest-free liabilities 75.7 57.7 Secora AS’ saw a positive profit development in Total liabilities 81.7 75.0 Important events 2008, and the group profit after tax was Total equity and liabilities 143.2 130.4 In connection with the Storting’s (Norwegian NOK 8.6 million. This is an increase of Cash flow 2008 2007 parliament’s) handling of Storting Proposition NOK 5 million from 2007. The positive profit Operational activities 21.4 9.1 No. 62 (2007-2008) – Ownership issues development is due to the completion of several Investment activities 1.9 -8.9 concerning Eksportfinans ASA, etc, it was major projects in 2008 with significantly better Financing activities -1.9 1.9 Change cash and liquid assets 21.4 2.1 emphasised that Secora AS belongs under profit margins than budgeted. The turnover Category 1 – companies with a commercial increased from NOK 254 million in 2007 to Key figures 2008 2007 purpose. NOK 287 million in 2008, while operating costs Capital employed 65.2 61.0 increased from NOK 249 million to EBITDA 24.2 15.1 EBIT 15.2 6.0 As a result of the State’s objectives in connec- NOK 274 million. Equity ratio 43 % 43 % tion with its ownership in Secora AS being Return on equity 15 % 7 % exclusively commercial, the management of the For the first time in its history, Secora AS will Average return on equity last 4 years 3.7 % Return on capital employed 0.2 0.1 ownership was transferred from the Ministry of disburse a dividend in 2008. The dividend of Fisheries and Coastal Affairs to the Ownership approximately NOK 2.5 million amounts to about Dividend 2008 2007 Department in the Ministry of Trade and Industry 25 per cent of the group profit after tax. Allocated dividend 2.5 0.0 Dividend percentage 29 % 0 % in a Royal Decree dated 1 July 2008. Negative dividend percentage last 4 years 23 %

Additional Information 2008 2007 Number of employees 110 121 Percentage employees in Norway 100 % 99 % The State’s ownership interest at year-end 100 % 100 % Percentage of women on the board, total 40 % 40 % Percentage of shareholder-elected women on the board 33 % 33 % © Secora

_Selskapsomtale_eng_ombr.indd 46 02-07-09 11:24:18 _Selskapsomtale_eng_ombr.indd 47 Venturefondet AS 2609 Lillehammer shareholding in the portfolio in2008,shareholding intheportfolio buthas Venturefondet didnotsucceedinsellingthelast SikonØst company ASA of5percent. investment shareholding intheregional At theendof2008, Venturefondet AS hada Important events up. beenwound the commitmentsinfundshave assoon willbereturnedtotheState capital theselastfewyears.has beenunderway The continue thefund’s windingupprocess which limited assetsandcapital. will The State ownership ofSNDInvest. Venturefondet has winding-up processwhichstartedunderthe funds.regional isundergoinga The company own operations, investmentsin butmanages itsboard. by is managed Venturefondet hasno Venturefondet hasnoemployees, currently but otherfunds. beinghandledby AS arecurrently of theestablishment the basisfor Venturefondet in December2003. The concernswhichformed of transferred totheMinistry Trade andIndustry AS, allsharesin Venturefondet AS were 2000. InconnectionwiththesaleofSNDInvest Venturefondet on12July AS wasestablished Chair oftheboard: TELPHON: ADDRESS: Thor Svegården, Bregneveien15, +4791621541 Thor Svegården Auditor: Members oftheboard: long-term debt, and NOK 1.4 in short-term debt. retained earnings. hasno The company andNOK7.8millionwas premium reserve share capital, NOK14.6 millionwasshare NOK 24.6million, ofwhichNOK2.2millionwas At year-end 2008, thebookequityamountedto equity. 2008toother decided totransfertheprofitfor the board’s proposal, thegeneralmeeting with NOK1.3millionin2007. Onthebasisof 2008 amountedtoNOK0.7million, compared costs ofNOK0.2million, theannualprofitfor interest receivedofNOK1.3millionandtax result wasadeficitofNOK0.4million. After costs),fee andotheroperating theoperating costs(boardremuneration,operating auditor’s activities. After deductingNOK0.6millionin NOK 0.1millionasincomefromtheequity In 2008, Venturefondet recordedanetgainof Economic development Sikon Øst thefirstquarterof2009. ASA by oftheshareholdingin will leadtotherealisation which enteredintoagreements subsequently Johnsen PricewaterhouseCoopers PricewaterhouseCoopers AS 47 JonMelle, IdaEspolin Return on capital employed Return oncapital Average returnonequitylast5years Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet income Net operating Income statement(MNOK) * EMPLOYEE-ELECTED St womenontheboard ofshareholder-electedPercentage Return onequity Percentage ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat Number ofemployees Additional Information Average last5years dividendpercentage dividend Allocated Reduction ofcapital Dividend andvalues Equity ratio EBIT EBITDA employed Capital Key figures (Ministry of (Ministry Trade andIndustry) Profit aftertax Tax costs Profit before tax Net financialitems Operating profit/loss costs Operating a te ownership: THE STATE’S OWNERSHIPREPORT 2008 100percent 100 % 2008 2008 2008 2008 2008 33 % 33 % 95 % -1 % 26.1 24.6 16.9 26.1 26.1 24.6 -0.4 4 % 3 % 0 % 1.4 1.4 0.0 0.0 0.0 7.8 0.0 0.0 0.0 0.0 0.1 0.9 0.9 0.7 0.2 0.9 1.4 0.6 0 0 0 100 % 2007 2007 2007 2007 2007 33 % 33 % 91 % 26.4 23.9 16.9 26.4 26.4 23.9 -0.7 -0.1 3 % 2 % 2.5 2.5 0.0 0.0 0.0 7.1 0.0 0.0 0.0 0.0 1.9 2.2 1.3 0.6 1.9 2.6 0.6 02-07-09 11:24:18 75 0 0

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Aker Holding AS

ADDRESS: P.O. Box 1423 Vika, 0051 Oslo Members of the board: Kristin Margrethe State ownership: 30 per cent TELEPHONE: +47 24 13 00 00 Devold, Dan-Åke Enstedt, Berit Kjøll, Kjell Inge (Ministry of Trade and Industry) CEO: Bengt Arve Rem Røkke Chair of the board: Øyvind Eriksen Auditor: Deloitte AS CO M P A N I E S Aker Holding AS is a holding company with the Important events Income statement (MNOK) 2008 2007 sole purpose of managing the shares in Aker At the general meeting of Aker Holding AS in the Operating income 0.00 0.00 Operating costs 1.46 0.01 Solutions ASA. Aker Holding owns 40.3 per cent spring of 2008, a capital reduction was adopted Operating profit/loss -1.46 -0.01 of the shares in Aker Solutions ASA. Aker which provided the basis for a dividend Net financial items -11 078 0.00 Holding has the same rights in Aker Solutions as disbursement to the shareholders corresponding Profit before tax -11 080 -0.01 Tax costs 0.90 0.00 other shareholders, but the owners of Aker to the dividend from Aker Solutions ASA. This Profit after tax -11 081 -0.01 Holding have entered into a shareholder entailed that the State received NOK 99 million agreement which in reality secures the State from Aker Holding AS in 2008. Balance sheet 2008 2007 Intangible assets 0 0 and the other owners of Aker Holding a blocking Tangible fixed assets 0 0 interest as regards the future development of Economic development Financial fixed assets 4 651 16 065 some important issues concerning Aker Aker Holding’s sole income is dividend from Total fixed assets 4 651 16 065 Current assets 5 0 Solutions. The State owns 30 per cent of the Aker Solutions ASA, and the costs are very Total assets 4 656 16 065 shares in Aker Holding AS. The other owners are limited. The economic development of the Aker ASA (60 per cent), Saab AB (7.5 per cent) holding company is connected to the develop- Subscribed equity 15 235 16 065 and Investor AB (2.5 per cent). The State and ment in Aker Solutions. The underlying value in Retained/ other equity -10 581 0 Total equity 4 654 16 065 Aker ASA have made a mutual commitment to Aker Holding is measured with the share price Provisions for liabilities and charges 0 0 maintain the present ownership in Aker of Aker Solutions. On 22 June 2007, the State Long-term liabilities 0 0 Solutions for a period of at least ten years. The entered into an agreement to buy 30 per cent of Current interest-bearing liabilities 0 0 Current interest-free liabilities 2 0 State’s acquisition of the shares in Aker Holding the shares in Aker Holding AS at NOK 145.60 Total liabilities 2 0 AS through the Ministry of Trade and Industry per Aker Solutions share, plus interest until the Total equity and liabilities 4 656 16 065 took place on 20 December 2007, following the take-over date. At the end of 2008, the share Cash flow 2008 2007 Storting’s authority issued on 11 December price for Aker Solutions was NOK 45. Aker Operational activities 334.84 -0.01 2007. The terms of the acquisition are set out in Holding has written down the investment in Aker Investment activities 0.00 0.00 Storting Proposition No. 88 (2006-2007) “The Solutions to the current share price. Financing activities -329.90 0.10 Change cash and liquid assets 4.94 0.09 State’s ownership in Aker Holding AS”, and recommendation to the Storting No. 54 In 2008, Aker Solutions achieved an annual Key figures 2008 2007 (2007-2008). profit after tax of NOK 1.5 billion, down from Equity ratio 100 % 100 % Market value 1 4 965 15 943 NOK 2.5 billion in 2007. The group’s order reserve at year-end was, according to the Dividend etc 2008 2007 company, solid. The work to reduce costs is The State’s share purchases 0 4 819 Dividend to the State 2 52 99 expected to yield significant effects in 2009. Additional Information 2008 2007 Number of employees 1 1 Percentage employees in Norway 100 % 100 % The State’s ownership interest at year-end 30 % 30 % Percentage of women on the board, total 40 % 40 % Percentage of shareholder-elected women on the board 40 % 40 %

1 The market value is calculated using the value of the assets in Aker Solutions based on the number of issued shares and the share price for Aker Solutions at year-end. 2 At the general meeting of Aker Holding AS in the spring of 2009, a capital reduction was adopted which will provide the basis for a dividend disbursement to the shareholders in 2009. This entails that the State will receive NOK 52 million from Aker Holding AS in 2009. Correspondingly, the State received NOK 99 million from Aker Holding AS in 2008.

_Selskapsomtale_eng_ombr.indd 48 02-07-09 11:24:19 _Selskapsomtale_eng_ombr.indd 49 diagnostic lab which is used to combat fish fish whichisusedtocombat lab diagnostic procedures and functional feeds, and also has a centre’s onfishnutrition, workwillfocus feeding Innovation opened a research centre in Chile. The In 2008, Cermaq’s EWOS researchcompany inindividual markets. situations challenging fish, Cermaq is well prepared to handle red-flesh for in allimportantfishfarmingregions come. With activity inbothfishfeedandfarming characterise the activities in Chile for years to financial loss. The disease problems will Chilean activities and caused a significant outbreaks ofdisease. This reducedCermaq’s challenging year in 2008 in Chile with significant The global salmon farming industry had a Important events salmon, troutandcoho. fish,and farmingofred-flesh suchas Atlantic productionoffeedfor emphasis onsustainable leaderinfishfarmingwithan international 34 percent. Cermaq’s visionistobean farmedfishofabout red-flesh share offeedfor mentioned countriesandhasaglobalmarket hasfishfeedproductioninallthe company Norway, Chile, CanadaandScotland. The isactivein andthecompany inNorway located suchfish.feed for Cermaq’s headquartersare farmedfishand leading producersofred-flesh Mainstream andEWOS, amongtheworld’s Cermaq ASA is, throughitssubsidiaries Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: Cermaq ASA GeirIsaksen www.cermaq.com P.O. Box144Sentrum, 0102Oslo +4723685000 SigbjørnJohnsen Auditor: Members oftheboard: disbursed from Cermaq for the2008fiscalyear.disbursed fromCermaqfor 63 percentinvalue2008. Nodividendwas feed production. The Cermaq share fell almost as well as increased raw materials prices for the of theimpairmentisdiseaseproblemsinChile, profit of NOK 498 million in 2007. The main cause interests was NOK 59 million, compared with a NOK 177 million. The deficit after tax and minority profit fell from NOK 493 million in 2007 to NOK 5.9billionin2007. The group’s operating EWOS was NOK 6.85 billion, against same asin2007. incomefrom The operating income from Mainstream was NOK 2.6 billion, the incomefromEWOS.operating The operating tion ofDenofa 2008andincreased As fromMay 2007. theconsolida- The increase wascausedby NOK 9.8billion, comparedwithNOK7.7billionin Cermaq’s operating income in 2008 amounted to Economic development and improvement. reporting, for indicators sustainability follow-up asetof upby companies andbefollowed toallgroup ity principleswhichwillapply In 2008, Cermaqdevelopedasetofsustainabil- business opportunitiesin Vietnam. Ho ChiMinhCityandwillworkonmapping with twoothercompanies. in islocated The office in office representative Vietnam incollaboration disease in Chile. Also in 2008, EWOS opened a Reidun Karlsen* Sørgaard, JanHelgeFørde*, NilsIngeHitland*, Frøyslid, Wenche Kjølås, Astrid Evensen KPMG AS 49 BårdMikkelsen, Kjell

© Cermaq ASA Currency effects Currency effects Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Minority interests Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Value adjustmentofbiomass costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St The State’s year-end ownershipinterestat Return onequity Financing activities Investment activities Percentage employees in Norway employeesinNorway Percentage Number ofemployees Additional Information dividend Allocated Closing price Price/book year-endMarket valueat Assets anddividend Equity ratio EBIT EBITDA employed Capital Key accountingfigures activities Operational Cash flow (Ministry of (Ministry Trade andIndustry) Return on capital employed Return oncapital Average returnonequitylast4years Change cashandliquidassets Tax costs Profit/loss before taxandminorityinterests Net financialitems Operating profit/loss womenontheboard ofshareholder-electedPercentage Dividend percentage Percentage ofwomenontheboard,Percentage total Negative dividend percentage last4years dividendpercentage Negative Profit/loss aftertaxandminorityinterests Minority interests Average returnlast3years Return lastyear Dividend totheState a te ownership: THE STATE’S OWNERSHIPREPORT 2008 43,54percent 43.54 % 10 385 10 385 -14 % -62 % 6 026 2 174 2 848 4 359 3 368 5 200 5 185 2 480 2 281 9 745 9 832 1 081 4 072 26.40 2 442 7 663 2008 2008 2008 2008 2008 2008 13 % 42 % 14 % 40 % 38 % 37 % -1 % -840 -337 -208 3 % 0 % 456 549 925 425 203 490 177 -57 -31 -59 0.6 39 66 90 27 0 1 0

43.54 % 3 195 1 275 1 169 4 289 3 336 3 360 4 125 1 724 1 950 6 974 7 721 7 485 7 485 4 008 75.50 6 984 5 780 2007 2007 2007 2007 2007 2007 12 % 57 % 40 % 12 % 38 % 10 % 42 % 70 % -590 -254 321 429 924 451 536 560 822 481 493 208 498 -32 -12 -18 -18 1.7 02-07-09 11:24:28 40 29 91 1

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

DnB NOR ASA

ADDRESS: Stranden 21, 0021 Oslo Members of the board: Bjørn Sund, Siri State ownership: 34 per cent TELEPHONE: (+47 915) 03000 Pettersen Strandenes, Tore Olaf Rimmereid, (Ministry of Trade and Industry) INTERNET: www.dnbnor.com Bent Pedersen, Trine Sæther Romuld, Jørn O. CEO: Rune Bjerke Kvilhaug*, Ingjerd Skjeldrum*, Per Hoffmann* * EMPLOYEE-ELECTED Chair of the board: Anne Carine Tanum Auditor: Ernst & Young AS CO M P A N I E S DnB NOR is Norway’s largest financial group In the first quarter of 2008, large unrealised Income statement (MNOK) 2008 2007 with total assets exceeding NOK 2 billion. The currency exchange losses in DnB NOR’s liquidity Interest income 81 953 61 746 Interest costs 60 044 43 880 group has 2.3 million retail customers and more portfolio were recorded in the accounts. In the Net interest income 21 910 17 866 than 200 000 corporate customers. DnB NOR is second quarter, DnB NOR Bank was one of very Other operating income 12 438 13 732 Norway’s largest life and pension insurance few banks upgraded to an AA- rating by the Operating costs 18 721 16 450 Net gain assets & loans written off -3 457 2 261 company, asset management company, real rating agency Standard & Poor’s. In the third Operating profit/loss 12 170 17 409 estate broker and securities firm. quarter, the strong unrest in the financial markets Tax costs 3 252 2 387 started to have consequences for the Norwegian Minority interests -293 242 Profit/loss after tax and DnB NOR has an international network and is economy and there were clear signs of increased minority interests 9 211 14 780 one of the world’s leading shipping banks. defaults and write-downs in the lending portfolio. During the fourth quarter, there was a marked Balance sheet 2008 2007 Cash and receivables on credit institutions 110 864 74 195 In 2009, DnB NOR’s main priority will be increase in lending write-downs, especially in Lending customers 1 191 635 970 504 ensuring the quality of the activities and DnB NORD, in which DnB NOR owns 51 per cent. Securities 470 572 371 726 reducing the write-down of lending as a result Other assets 58 626 57 494 of the economic crisis. However, there will still Economic development Total assets 1 831 699 1 473 919

be room for robust activity in some product and The annual profit for 2008 for the DnB NOR Liabilities to credit institutions 178 822 144 198 market areas, especially the retail market and group was NOK 9211 million, down NOK 5569 Deposits from customers 597 242 538 151 the SMB market. The implementation of various from 2007. Other liabilities and commitments 929 135 682 368 Subordinated loan capital 45 225 33 226 efficiency measures, including the group’s cost Total liabilities 1 750 424 1 397 944 program, will be given high priority. Lending growth from 2007 to 2008 was Subscribed equity 25 024 25 024 20.3 per cent on average, while deposits grew Other equity 52 041 48 290 by 8.3 per cent in the same period. Total income Minority interests 4 211 2 662 Important events Total equity 81 275 75 976 In 2008, DnB NOR was strongly affected by the rose by 10 per cent, while total costs grew by Total equity and liabilities 1 831 699 1 473 919 climate of financial unrest. Measures were 13.8 per cent. Corrected for goodwill write- implemented to bolster the finance industry in downs in 2008 and provisions for employees in Cash flow 2008 2007 Operational activities -83 793 -48 560 many countries, including Norway. These 2007, costs grew by 10.6 per cent. In 2008, the Investment activities -5 981 -736 measures were decisive for the Norwegian group was in the early stages of a cost program Financing activities 131 027 46 637 banks. The work to transfer housing mortgages which is expected to have an estimated total Change cash and liquid assets 41 252 -2 659

from DnB NOR Bank to DnB NOR Boligkreditt annual effect of NOK 2 billion by the end of Key figures 2008 2007 has provided the bank with good financing. 2012. Net write-downs of lending and Core capital adequacy ratio 7.2 % 6.7 % guarantees were NOK 3509 million in total in Capital adequacy ratio 9.6 % 10.0 % Cost ratio 50.6 % 50.1 % Early in the year, the company Eksportfinans, in 2008, against NOK 220 million in 2007. Defaulted loans and loans written off which DnB NOR owns 40 per cent, had to write as a percentage of lending 0.42 % 0.45 % down its bond holdings and receive new equity Adjusted for dividend, the DnB NOR share fell Rate of loss lending 0.02 % -0.03 % Return on equity 12 % 21 % from its owners. 62 per cent in 2008. DnB NOR will not disburse Average return on equity last 5 years 18 % dividend for the 2008 fiscal year. Assets and dividend 2008 2007 Market value at year-end 35 982 110 610 Price/book 0.5 1.5 Closing price 27.00 83.00 Allocated dividend 0 5 997 Dividend percentage 0 % 41 % Average dividend percentage last 5 years 36 % Dividend to the State 0 2 039 Return on capital incl. dividend last year -62 % -2 % Average return last 5 years 0 % Sales proceeds to the State/retirement of shares 0 108

Additional Information 2008 2007 Number of employees 14 454 13 817 Percentage employees in Norway 66 % 69 % The State’s ownership interest at year-end 34 % 34 % Percentage of women on the board, total 44 % 45 % Percentage of shareholder-elected women on the board 50 % 43 % Photographer: Stig B Fiksdal, DnB NOR. Stig B Fiksdal, Photographer:

_Selskapsomtale_eng_ombr.indd 50 02-07-09 11:24:29 _Selskapsomtale_eng_ombr.indd 51 Kongsberg Gruppen ASA Defence & Aerospace. Kongsberg Maritime and57percentfor Kongsberg was distributedwith43percentfor year-end ofNOK16.7millionat order reserve Kongsberg Defence& Aerospace. The group’s bothKongsbergMaritimeand good for results thanin2007. oforderswas The inflow incomeandoperating achieved higheroperating In 2008, boththegroup’s businessareas Important events composites andsurveillance. systems,communication missiles, advanced control systems, controlsystems, weapon oncommandand Defence Systemsfocuses controlsystems,on weapons whileKongsberg monitoring. KongsbergProtechSystemsfocuses and mapping seabed products andsystemsfor facilities,shipping andoffshore aswell ing, commercial for andautomation navigation supplies productsandsystemswithinposition- Kongsberg Maritime. KongsbergMaritime businessareawhichreportsunder fourth Systems. KongsbergOil&Gas Technologies isa Defence SystemsandKongsbergProtech business areas: KongsbergMaritime, Kongsberg activities tothestockmarketunderthree 2009,From 1January reportsits thegroup cent inNorway. had5243employeesofwhich72per group ownership of50percent. At year-end 2008, the hasan the OsloStockExchangeandState number ofcountries. islistedon The company Kongsbergandactivitiesina headquarters at companieswithits leading technology Kongsberg Gruppen ASA isoneofNorway’s Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: Walter Qvam P.O. Box1000, 3601Kongsberg www.kongsberg.com +4732288200 FinnJebsen Auditor: Members oftheboard: about NOK10billion. about company’s year-end listedvalueat 2008is share, was minus1.8percentin2008. The the return, includingthedividendofNOK5per year-endThe sharepriceat wasNOK328, and 2008.NOK 5.50persharewasdisbursedfor NOK 19.44in2008andadividendof in2007.effects) The profitpersharewas compared with490million(nonon-recurring The annualprofitin2008wasNOK587million, 2008. ofmorethan10 percentin margin operating from 2007. achieveditstarget The company items, wasNOK1122million, up41percent profit,The operating non-recurring adjusted for NOK 11.1billion, up33percentfrom2007. incomein2008was The operating Economic development thisnewmissile.breakthrough for considered torepresentaninternational missile, StrikeMissile (NSM). Naval This is into inPoland, whichincludesthenewsea December,and inlate acontractwasentered 2008. The system has been sold to 16 countries system strengtheneditsmarketleadershipin significantly. control The Protectorweapons andimproveditsmargins good growth Kongsberg Defence& Aerospace alsoachieved sectors. chant navy andmer-important marketsinboththeoffshore as Brazil, IndiaandChinain2008. These are andshippingmarketssuch important offshore was good. The areaimproveditspositionsin oforders Kongsberg Maritimeandtheinflow thebusinessarea wentwellfor Operations Helge Lintvedt* Giverholt, RoarMarthiniussen*, KaiJohansen*, Schilbred, ErikMust, Anne-Lise Aukner, John Ernst& Young AS 51 BenedicteBerg

© Kongsberg Gruppen ASA womenontheboard ofshareholder-electedPercentage Percentage ofwomenontheboard,Percentage total employed Return oncapital Average returnonequitylast5years Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet minorityinterests Profit/loss before taxand Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St The State’s year-end ownershipinterestat Return onequity Percentage employees in Norway employeesinNorway Percentage Number ofemployees Additional Information year-endMarket valueat Assets anddividend Equity ratio EBIT EBITDA employed Capital Key figures activities Operational Cash flow (Ministry of (Ministry Trade andIndustry) Provisions for liabilities andcharges liabilities Provisions for Total equity Minority interests Profit/loss aftertaxandminorityinterests Minority interests Tax costs Dividend totheState Average last5years dividendpercentage Price/book Return on capital incl.Return oncapital dividendlastyear Dividend percentage dividend Allocated Closing price Financing activities Investment activities Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities Long-term liabilities Average returnlast5years oncashandliquidassets ofcurrencychanges Effect Change cashandliquidassets a te ownership: THE STATE’S OWNERSHIPREPORT 2008 50,001percent 12 450 10 018 11 056 12 450 10 556 -1 484 7 787 4 663 1 863 2 379 1 038 5 243 9 840 1 109 1 390 3 616 1 894 8 004 1 722 2008 2008 2008 2008 2008 2008 40 % 25 % 31 % 22 % 50 % 25 % 72 % 15 % 23 % 28 % 26 % -664 -2 % -177 82.5 896 982 421 861 830 583 274 165 328 813 -26 5.2 16 33 4 0

10 170 5 739 3 475 1 206 1 761 1 346 9 214 7 213 8 559 4 205 1 351 1 565 3 463 2 758 1 765 1 279 1 037 4 314 9 214 6 456 1 437 2007 2007 2007 2007 2007 2007 40 % 25 % 44 % 50 % 44 % 81 % 30 % 15 % 95 % -338 -441 982 508 981 293 150 339 705 236 -67 -22 5.4 02-07-09 11:24:31 11 75 5 0

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Nammo AS

ADDRESS: P.O. Box 142, 2831 Raufoss Members of the board: Karl Glad, Heikki State ownership: 50 per cent TELEPHONE: +47 61 15 36 00 Allonen, Tone Lindberg, Kai Nurmio, Annika (Ministry of Trade and Industry) INTERNET: www.nammo.com Tanttinen, Einar Linnerud*, Petri Kontola* CEO: Edgar Fossheim Auditor: KPMG AS Chair of the board: Jan T. Jørgensen * EMPLOYEE-ELECTED CO M P A N I E S Nammo AS is a key Norwegian defence Nammo’s market in a positive direction. Nammo Income statement (MNOK) 2008 2007 company in the competence milieu at Raufoss. has won a contract with the Armed Forces to Operating income 3 130 2 745 Operating costs 2 740 2 355 Nammo is engaged in the development and destroy their stocks of 50 000 rounds of Operating profit/loss 390 390 production of ammunition, rocket engines and 155 mm cluster munitions. Net financial items -15 -29 demilitarisation services. The company’s vision Profit/loss before tax and minority interests 375 361 is for Nammo to have a strong international In 2008, Nammo celebrated the company’s Tax costs 103 100 presence and be a leader in its niche market of ten-year anniversary since the merger of the Minority interests 4 1 ammunition, rocket engines and space travel Nordic ammunition manufacturers in 1998. Profit/loss after tax and minority interests 268 259 products. Nammo is owned by the Norwegian State and Finnish company Patria Oyj. Canada is an important market for Nammo, and Balance sheet 2008 2007 the company established a sales office, Nammo Intangible assets 598 490 Tangible fixed assets 522 429 Nammo is subject to strict export legislation. Canada Inc, in Ottawa in March 2009. At the Financial fixed assets 23 30 Nammo is organised in five business areas: same time, Nammo acquired 50 per cent of Total fixed assets 1 143 949 Small calibres division, Medium and large-sized Primex Security Ltd. , which specialises in the Current assets 1 944 1 579 calibres division, Rocket engine division, Demil sale and servicing of security equipment. On Total assets 3 087 2 527

division and Nammo Talley Inc. Nammo owns 1 April 2009, Nammo Raufoss signed the largest Subscribed equity 359 359 production companies in Norway, Sweden, ever space-related contract for a Norwegian Retained/ other equity 812 518 Finland, Switzerland, Germany and the US. company with Astrium Space Transportation, Minority interests 14 9 Total equity 1 186 886 Nammo’s ethical regulations must be complied which is part of the EADS group. The contract Provisions for liabilities and charges 125 114 with by all units in the enterprise, regardless of relates to separation and acceleration engines for Long-term liabilities 604 525 national association. 35 launches of the Ariane 5 rocket. The contract Current interest-bearing liabilities 94 0 has a value of NOK 150 million over five years. Current interest-free liabilities 1 078 1 003 Total liabilities 1 901 1 641 At the end of 2008, the company had 1826 Total equity and liabilities 3 087 2 527 employees, of which 699 in Norway. Nammo Lapua Oy also signed a very important contract with the Finnish armed forces on Cash flow 2008 2007 Operational activities 478 110 Important events 23 April 2009, worth EUR 70 million. The Investment activities -132 -732 The development of the market for safe and contract concerns the sale of several types of Financing activities -180 421 environmentally destruction of cluster munitions ammunition, including training ammunition, over Change cash and liquid assets 165 -201

through the Oslo agreement may affect a four-year period with option to extend. Key figures 2008 2007 Capital employed 1 883 1 411 Economic development EBITDA 595 551 EBIT 458 420 Nammo has had a stable and positive develop- Equity ratio 38 % 35 % ment over the last few years in spite of surplus Return on equity 26 % 31 % capacity in the market, reduced defence Average return on equity last 5 years 26 % Return on capital employed 29 % 38 % budgets, strong competition and structural changes in both the national and international Dividend etc 2008 2007 defence industry. Allocated dividend 133 130 Dividend percentage 50 % 50 % Average dividend percentage last 5 years 46 % The profit after tax and minority interests in Allocated dividend to the State 67 65 2008 amounted to NOK 268 million, against Additional Information 2008 2007 NOK 259 million in 2007. The improvement is Number of employees 1 826 1 555 due to increased sales in two of the business Percentage employees in Norway 38 % 39 % areas and a stable cost development as a result The State’s ownership interest at year-end 50 % 50 % of efficiency gains. The company’s equity Percentage of women on the board, total 38 % 25 % Percentage of shareholder-elected situation is positive, and return on equity was women on the board 33 % 17 % 31 per cent in 2008, which must be considered good in light of the financial crisis.

The board has proposed a dividend of NOK 133 million for the 2008 fiscal year 2008. This amounts to 50 per cent of the group profit after tax and minority interests. © Nammo AS © Nammo

_Selskapsomtale_eng_ombr.indd 52 02-07-09 11:24:35 _Selskapsomtale_eng_ombr.indd 53 late 2009/early 2010. 2009/early late schedule andbudget. Start-upisscheduledfor had beencompleted, andtheprojectison the endof2008, 60 percentoftheplant about gas powerplant.modern andenergy-efficient At Petroleumandwillalsoincludea tion withQatar 000 tonnes. is beingbuiltincoopera- Qatalum Qatalum, of585 aproductioncapacity willhave The smeltingplantunderconstructioninQatar, Important events companies listedontheOsloStockExchange. NOK 85billionanditisoneofthelargest construction systems. Hydro’s salestotalabout Europe inrolledandextrudedproducts products, Hydroholdsaleadingpositionin aluminiumandmetal emphasis onprimary aluminium company. Inadditiontoastrong and istheworld’s thirdlargestintegrated Norway. isactiveonallcontinents The company more than30countries, 5600in ofwhichabout Norway. 22000employeesin Hydrohasabout of aluminiumandproductsbasedin Hydroisaglobalsupplier aluminium company Since 1October2007, Hydrohasbeenapure Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: Norsk Hydro ASA SveinRichardBrandtzæg Vækerø, 0240Oslo www.hydro.com +4722538100 Terje Vareberg

© Norsk Hydro Auditor: Members oftheboard: that nodividend be disbursedin2008.that market, Hydro’s boardhaschosentopropose inthealuminium Due totheserioussituation global smeltingcapacity. mostofthe lower thantheproductioncostsfor At year-end, aluminiumwas the marketpricefor in2009.must beexpectedtofalldramatically same levelasin2007, buttherealisedprices the about ured inUSDandNOKremainedat The company’s realised aluminium prices meas- NOK6billionin2008. was about profitfrom the activities operating underlying NOK2.2billion.contracts ofabout The contracts, contracts andcurrency energy in write-downsandunrealisedlossesonmetal NOK 2.5billion profitincludedabout operating compared withNOK9billionin2007. The 2008,amounted toNOK1.2billionfor NOK 18.2billionin2007. profit The operating NOK 3.9billion, comparedwithaprofitof and minorityinterestswasadeficitof aftertax theHydrogroup The annualresultfor Economic development implemented duringthefirsthalfof2009. 400 000tonnesperyear. The measureswillbe 23 percent, whichcorrespondstoabout aluminiumof primary production reductionfor position. hasannounceda The company conditions andsecurethecompany’s financial extensive measurestomeettheextrememarket autumn of2008. Hydrohasalsoimplemented 3milliontonnessincethe been reducedby continuing into2009. Globalproductionhas on aglobalbasisduringtheautumnof2008, aluminium plummetingdemandfor dramatically The mostimportanteventof2008wasthe Sten RoarMartinsen* K. Hansen, Fredagsvik*, Billy JørnBLilliby*, Jebsen, HeidiM. Petersen, BentheRathe, Inge Deloitte AS 53 GreteFaremo, Finn Liabilities of operations tobediscontinued ofoperations Liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Minority interests Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Profit/loss aftertaxandminorityinterests Profit/loss before taxandminorityinterests Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St The State’s year-end ownershipinterestat Percentage employees in Norway employeesinNorway Percentage Number ofemployees Additional Information dividend Allocated Closing price Price/book year-endMarket valueat Assets anddividend EBITDA employed Capital Key figures activities Operational Cash flow Tax costs (Ministry of (Ministry Trade andIndustry) Total equityandliabilities Total liabilities ofdiscontinuedoperations Liabilities womenontheboard ofshareholder-electedPercentage EBIT Investment activities Percentage ofwomenontheboard,Percentage total Dividend percentage Profit/loss fromdivestedactivities Return onequity Dividend totheState Equity ratio Financing activities Minority interests Return on capital employed Return oncapital Average returnonequitylast2years ofshares Sales proceedstotheState/retirement Return on capital incl.Return oncapital dividendlastyear Average last3years dividendpercentage Divested activities Currency effects Change cashandliquidassets a te ownership: THE STATE’S OWNERSHIPREPORT 2008 43,82percent

43.82 % 22 175 15 278 54 141 51 129 95 157 40 108 55 049 21 507 29 338 87 399 88 593 22 634 34 693 57 704 95 157 41 016 -3 925 -3 832 -6 067 -5 026 -7 335 -6 717 -58 % 1 169 2 394 1 333 1 679 4 204 1 194 27.80 6 904 2 921 1 989 5 075 2008 2008 2008 2008 2008 2008 27 % 50 % 33 % 57 % 40 % -7 % -247 0 % 565 3 % 8 % 411 -11 0.7 0.0 0 0 0 0

43.82 % -10 140 -12 799 2 763.3 18 196 17 311 14 713 55 008 52 319 92 046 47 571 44 474 15 246 26 750 87 385 96 409 24 692 96 841 58 001 12 233 92 046 37 038 13 980 14 273 10 428 11 764 1 045 1 948 1 730 2 477 3 208 9 025 2 021 6 047 3 075 9 447 2 735 2 813 2007 2007 2007 2007 2007 2007 28 % 50 % 33 % 60 % 37 % 24 % 43 % 45 % -285 77.6 959 408 1.8 02-07-09 11:24:38 0

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

StatoilHydro ASA

ADDRESS: Forusbeen 50, 4035 Stavanger Members of the board: Marit Arnstad, Elisabeth State ownership: 67 per cent TELEPHONE: +47 51 99 00 00 Grieg, Kjell Bjørndalen, Roy Franklin, Grace (Ministry of Petroleum and Energy) INTERNET: www.statoilhydro.com Reksten Skaugen, Morten Svaan*, Lill-Heidi CEO: Helge Lund Bakkerud*, Claus Clausen* Chair of the board: Svein Rennemo Auditor: Ernst & Young AS * EMPLOYEE-ELECTED CO M P A N I E S StatoilHydro is an international technology- was about 1.46 million barrels oe/d in 2008, Income statement 1 (MNOK) 2008 2007 based energy company focusing on upstream against 1.42 million barrels oe/d in 2007. Operating income 656 020 522 797 Operating costs 457 188 385 593 activities, but also with strong gas and Operating profit/loss 198 832 137 204 downstream activities and increasing invest- On 7 October 2008, StatoilHydro submitted an Net financial items -18 365 9 607 ments in other sources of energy. The company investigation report concerning certain former Profit/loss before tax and minority interests 180 467 146 811 Tax costs 137 197 102 170 is based in Norway, has operations in 42 consultancy agreements in connection with Minority interests 5 545 countries and is by far the largest operator on Hydro’s activities in Libya to Økokrim (the Profit/loss after tax and minority interests 43 265 44 096 the Norwegian Continental Shelf. In 2008, Norwegian National Authority for Investigation Balance sheet 2008 2007 international production amounted to 17 per and Prosecution of Economic and Environmental Intangible assets 66 036 44 850 cent of the company’s total recorded production. Crime), the US Department of Justice (DOJ) and Tangible fixed assets 329 841 278 352 the US Securities and Exchange Commission Financial fixed assets 37 734 30 226 Total fixed assets 433 611 353 428 StatoilHydro was formally established on (SEC). Current assets 144 812 129 790 1 October 2007 as a result of the merger of Total assets 578 423 483 218 Statoil’s and Norsk Hydro’s petroleum activities. In November 2008, the company entered into As of 31 December 2008, the company had an agreement with the Chesapeake Energy Subscribed equity 48 827 48 977 Retained/ other equity 165 252 128 298 29 500 employees, of which 18 100 in Norway. Corporation to buy a 32.5 per cent stake in Minority interests 1 976 1 792 Chesapeake’s shale gas acreage in the Total equity 216 055 179 067 Important events Marcellus formation in the US. StatoilHydro Provisions for liabilities and charges 148 041 130 414 Long-term liabilities 54 606 44 374 Following the merger of Statoil’s and Hydro’s oil expects the gas production from this develop- Current interest-bearing liabilities 159 721 129 363 and gas activities on 1 October 2007, the State ment to be about 50 000 barrels oe/d from Current interest-free liabilities 0 0 owned about 62.5 per cent of the shares. In 2012 and about 200 000 barrels oe/d from Total liabilities 362 368 304 151 Total equity and liabilities 578 423 483 218 accordance with the Storting’s decision from 2020. 2001, stipulating a state ownership in Statoil Cash flow 2008 2007 ASA of at least 67 per cent, the Storting decided Economic development Operational activities 102 533 93 926 to maintain this ownership percentage for the In 2008, StatoilHydro achieved an annual profit Investment activities -85 837 -75 112 Financing activities -17 029 -7 908 new company on 8 June 2007. after tax and minority interests of NOK 43.3 Currency effects 707 -160 billion, compared with NOK 44.6 billion in 2007. Change cash and liquid assets 374 10 746 On the basis of this decision, the State, Key figures 2008 2007 represented by the Ministry of Petroleum and StatoilHydro’s results for 2008 were affected by Capital employed 430 381 352 803 Energy, acquired StatoilHydro shares in the high production levels and an increase in EBITDA 224 726 199 524 market in the period from 2 June 2008 until realised liquid and gas prices, partly offset by EBIT 181 730 160 152 Equity ratio 37 % 37 % 5 March 2009. A total of 143.4 million shares increased operating costs. StatoilHydro’s profit Return on equity 22 % 26 % were acquired at a total price of about NOK per share in 2008 was NOK 13.6, against 13.8 Average return on equity last 2 years 24 % 19.3 billion. This has resulted in a state in 2007. Return on capital employed 46 % 45 %

ownership of 67 per cent of StatoilHydro. Assets and dividend 2008 2007 The proposed dividend for 2008 is NOK 7.25 Market value at year-end 363 187 538 881 StatoilHydro’s total recorded oil and gas per share, of which NOK 2.85 is extraordinary Price/book 1.7 2.5 Closing price 113.90 169.00 production in 2008 amounted to 1.75 million dividend. This results in a total dividend Allocated dividend 23 118 27 104 barrels of oil equivalents (oe) per day, compared disbursement of about NOK 23.1 billion, of Dividend percentage 53 % 61 % with 1.72 million barrels oe/d in 2007. The which about NOK 15.5 billion to the State. Average dividend percentage last 3 years 50 % company’s production from the Norwegian Shelf Allocated dividend to the State 15 489 16 940 Return on capital incl. dividend last year -27 % 8 % Share purchases 17 137 Sales proceeds to the State/retirement of shares 2 442

Additional Information 2008 2007 Number of employees 29 500 29 500 Percentage employees in Norway 61 % 63 % The State’s ownership interest at year-end 66 % 63 % Percentage of women on the board, total 36 % 33 % Percentage of shareholder-elected women on the board 50 % 38 %

1 Norsk Hydro ASA’s petroleum activities were merged with Statoil ASA into the new company StatoilHydro ASA on 1 October 2007. The figures for 2007 are pro forma annual

_Selskapsomtale_eng_ombr.indd 54 02-07-09 11:24:40 _Selskapsomtale_eng_ombr.indd 55 Telenor ASA will takeplaceinthespringof2009. As aresult seized inMarch2009. hearings Furtherappeal judgment, Telenor’s sharesin Vimpelcom were thisjudgment.has appealed Onthebasisof the finewasreducedtoUSD1.7billion. Telenor 2009, inOmskFebruary hearing ofanappeal intotheUkrainianmarket.entry Duringthe delaying of USD2.8billionfor VimpelCom’s August 2008, Telenor afine wasorderedtopay continued in2008andisstillnotresolved. In between The conflict Telenor and Alfa Group cent inUnitech Wireless. Telenor willintime acquireastakeof67.25per transaction tookplaceon20March2009and Unitech mobile phonecompany Wireless. The acquire acontrollinginterestintheIndian to hadenteredintoanagreement company In October2008, Telenor the announcedthat Important events cent. in 2000. ownershipisnow53.97per The state company, andwaslistedonthestockexchange the conversionof Televerket intoalimited Malaysia. Telenor in1994with wasestablished Russia, Pakistan, Bangladesh, Thailand and Hungary, Montenegro, Serbia, theUkraine, activities inNorway, Sweden, Denmark, Finland, all overtheworld. has currently The company 164 millionsubscribersand38800employees intheworldwithabout phone company Telenor theseventhlargestmobile ispresently Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: Jon FredrikBaksaas Snarøyvn. 30,1331Fornebu www.telenor.com +4781077000 HaraldNorvik Members oftheboard: by 54percent. by Stock Exchangebenchmarkindex(OSEBX)fell 37percentandtheOslo Index (SXKP)fellby the DowJonesSTOXX600 Telecommunications 2008, asmuch64percent. Incomparison, The Telenor in sharepricefellsignificantly 2008 and2009. thefiscalyears no dividendbedisbursedfor in India, thecompany’s boardhasproposedthat As partofthefinancing Telenor’s investment EDBBusinessPartner.and ISPartnerby addition totheacquisitionof Tele2 inDenmark activities in Asia and Telenor Broadcast, in tothe attributable increase istoalargedegree NOK 92.5billionto97.2billion. The 5percent, by incomegrew the operating from compared with2007. Duringthesameperiod, in2008,financing costsandhighertaxrates in 2007, increased causedby toalargedegree minority interestswasNOK5billionlowerthan NOK 7.83pershare. The profitaftertaxand the2008fiscalyearwasNOK13.1billion,for or Telenor’s profitaftertaxandminorityinterests Economic development previousfiscalyears. be disbursedfor 56.52 percent. dividendcan This meansthat Kyivstar,company where Telenor owns can nowbeheldintheUkrainianmobilephone 2008, boardmeetingsandgeneral in2007and of judgmentsinUScourtslaw Anderssen* Harald Stavn*, Krosby*, May Bjørn Andre Kjersti Kleven, LiselottKilaas, PaulBergqvist, Giverholt, BurckhardBergmann, Olav Volldal, 55 Bjørg Ven, John

© Telenor Return on capital employed Return oncapital Average returnonequitylast5years Long-term notinterest-bearingdebt Long-term interest-bearingdebt andcharges liabilities Provisions for Total equity Minority interests in Telenor ASA totheshareholders Equity attributable Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Profit fromdivestedactivities Tax costs minorityinterests Profit/loss before taxand Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St Auditor: The State’s year-end ownershipinterestat Return onequity Percentage employees in Norway employeesinNorway Percentage Number ofemployees Additional Information year-endMarket valueat Assets anddividend Equity ratio EBIT EBITDA employed Capital Key figures Currency effects Financing activities Investment activities activities Operational Cash flow (Ministry of (Ministry Trade andIndustry) Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities minorityinterests Profit/loss aftertaxand Minority interests womenontheboard ofshareholder-electedPercentage Price/book Percentage ofwomenontheboard,Percentage total Closing price Change cashandliquidassets Allocated dividend Allocated Dividend percentage Dividend percentage Average last5years dividendpercentage Dividend totheState ofshares Sales proceedstotheState/retirement Average returnlast5years Return on capital incl.Return oncapital dividendlastyear a te ownership: Ernstog Young AS THE STATE’S OWNERSHIPREPORT 2008 53,97percent 187 172 154 798 144 601 187 172 53.97 % -14 803 40 452 88 568 80 947 32 374 26 831 59 772 68 195 19 003 15 182 82 012 97 194 38 800 76 760 22 740 36 950 25 629 98 604 32 616 15 581 13 065 -9 496 -62 % 9 011 7 621 4 193 3 821 1 745 46.30 2 084 1 347 2008 2008 2008 2008 2008 2008 17 % 22 % 17 % 27 % 47 % 38 % 36 % 26 % 944 754 0 % 6 % 0.9 0 0 0

53.97 % 160 832 131 358 121 904 160 832 218 016 -15 842 39 725 74 655 68 797 29 474 23 465 48 974 58 919 19 971 14 985 77 488 92 473 35 800 22 015 36 287 23 696 86 177 30 780 18 016 129.75 -5 616 7 074 5 858 2 168 4 986 1 187 1 400 7 524 1 074 1 919 5 713 3 083 2007 2007 2007 2007 2007 2007 19 % 28 % 28 % 46 % 43 % 40 % 32 % 13 % -319 2.7 02-07-09 11:24:43 0

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Yara International ASA

ADDRESS: P.O. Box 2464 Solli, 0202 Oslo Members of the board: Elisabeth Harstad, Lone State ownership: 36,21 per cent TELEPHONE: +47 24 15 70 00 Fønss Schrøder, Leiv L. Nergaard, Arthur Frank (Ministry of Trade and Industry) INTERNET: www.yara.com Bakke*, Svein Flatebø*, Frank Andersen* CEO: Jørgen Ole Haslestad Auditor: Deloitte AS Chair of the board: Øivind Lund * EMPLOYEE-ELECTED CO M P A N I E S Yara International ASA is a chemical company Economic development Income statement (MNOK) 2008 2007 with fertiliser as its most important product. The Yara achieved its best ever economic result in Operating income 88 775 57 486 Operating costs 76 494 52 499 company was demerged from Norsk Hydro ASA 2008. The annual profit after tax and minority Operating profit/loss 12 281 4 987 and listed on 25 March 2004. Yara is active in interests was NOK 8228 million, up 36 per cent Net financial items -1 377 2 350 more than 50 countries and sells to more than from 2007. The improvement is due to higher Profit/loss before tax and minority interests 10 905 7 337 120 countries. This makes the company the fertiliser prices. As a result of the international Tax costs 2 664 1 262 most global player in its industry. The core economic downturn in the fourth quarter, the Minority interests 13 38 activity is production and marketing of NPK volume of sold fertiliser fell 4 per cent compared Profit/loss after tax and minority interests 8 228 6 037 fertiliser and nitrogen fertiliser. Industrial with the preceding year. application of Yara’s products is an increasingly Balance sheet 2008 2007 important area. Yara’s products have a number Yara’s return after tax on gross invested capital, Intangible assets 7 449 3 028 Tangible fixed assets 22 524 10 412 of application areas and stricter environmental CROGI, was 22.8 per cent, compared with an Financial fixed assets 14 259 11 995 requirements have resulted in a growing market objective of at least 10 per cent on average for Total fixed assets 44 232 25 436 for products which reduce NOx emissions. the business cycle. Current assets 36 655 22 191 Total assets 80 887 47 626

The company has two Norwegian production Net cash flow from operations was Subscribed equity 1 585 1 588 units, at Glomfjord and Herøya. At the end of NOK 3986 million in 2008, mainly as a result of Retained/ other equity 28 518 19 420 2008, Yara had about 8000 employees, of strong earnings and dividend from associated Minority interests 164 193 Total equity 30 267 21 201 which about 800 in Norway. companies. Net cash flow used for investment Provisions for liabilities and charges 9 727 5 391 purposes was NOK 12 786 million in 2008. This Long-term liabilities 22 037 9 205 Important events includes the acquisition of Saskferco, the Current interest-bearing liabilities 5 937 2 017 Yara’s ambition is to achieve a global market acquisition of the remaining shares in Kemira Current interest-free liabilities 12 920 9 813 Total liabilities 50 621 26 426 share of 10 per cent through organic and GrowHow, the acquisition of 25 per cent of Total equity and liabilities 80 887 47 626 stepwise growth. The company currently has a Agrico Canada Ltd. and an increase in the market share of about 8 per cent. In October ownership of 5 per cent in Burrup. Cash flow 2008 2007 Operational activities 3 986 4 305 2008, Yara acquired the Canadian company Investment activities -12 786 -6 988 Saskferco for CAD 1.6 billion. Saskferco’s plant The Yara share price fell by 41 per cent on the Financing activities 9 436 3 959 in Canada is one of the world’s most efficient Oslo Stock Exchange in 2008. The market value Currency effects er 235 46 Change cash and liquid assets 870 1 322 factories for the production of nitrogen fertiliser. of the company was NOK 43.3 billion at year-end The production plant benefits from a favourable 2008, which makes Yara the fourth largest Key figures 2008 2007 development in North American gas prices and company listed on the Oslo Stock Exchange. Yara Capital employed 58 241 32 423 EBITDA 17 812 6 936 is well placed to service the large US Midwest will disburse a dividend of NOK 4.50 per share in EBIT 15 717 6 936 nitrogen fertiliser market. 2009, resulting in a total disbursement of NOK Equity ratio 37 % 45 % 1304 million, of which NOK 475 million will be Return on equity 32 % 33 % Average return on equity last 4 years 30 % disbursed to the State. Return on capital employed 35 % 25 %

Assets and dividend 2008 2007 Market value at year-end 43 372 73 331 Price/book 1.4 2.4 Closing price 148.75 251.50 Allocated dividend 1 304 1 166 Dividend percentage 16 % 19 % Negative dividend percentage last 4 years 18 % Dividend to the State 475 422 Return on capital incl. dividend last year -39 % 79 % Average return last 4 years 19 % Sales proceeds to the State/retirement of shares 0 402

Additional Information 2008 2007 Number of employees 7 971 8 173 Percentage employees in Norway 10 % 10 % The State’s ownership interest at year-end 36.21 % 36.21 % Percentage of women on the board, total 25 % 25 % Percentage of shareholder-elected women on the board 40 % 40 % In 2008, Yara acquired the Canadian nitrogen producer Saskferco for USD 1.6 billion in order to strengthen its production and

_Selskapsomtale_eng_ombr.indd 56 02-07-09 11:24:45 _Selskapsomtale_eng_ombr.indd 57 acquired Ventelo’s operations Norwegian In December2007, Bredbåndsalliansen AS Important events theendof2008. 217 employeesat AS and Telesis Norge AS, had andthegroup BaneTele owns100percentofBroadnetNorge market, bothasatransporteranddistributor. telecom intheNorwegian an importantplayer aimstodevelopinto Bredbåndsalliansen group group, whichalsoincludes Ventelo. The has becomepartoftheBredbåndsalliansen in BaneTele to Bredbåndsalliansen, BaneTele Following thetransferofState’s ownership the broadbandmarket. competitionin securingeffective importance for infrastructureandisofgreat tant national network whichBaneTele usesconstitutesimpor- andwirelesstechnology.optical cables The offibre networks basedonacombination all overNorway, branchingoutinlargertown 000 kmlongandconnectstownsvillages companies throughNorway. The networkis13 andinfrastructureoftheenergy grid railway the follows fibre opticalnetworkwhichmainly market. BaneTele’sThe basis for activitiesisthe broadband intheNorwegian an importantplayer onlineservices,provider ofhigh-capacity andis BaneTele content-neutral isanation-wide of theState’s shares. the sharesinBaneTele throughtheacquisition Bredbåndsalliansen AS becametheownerofall placement.through aprivate 2009, InFebruary ownership interestof50percentacquired one oftheownersBaneTele withan In November2006, Bredbåndsalliansenbecame Railway National the Norwegian Administration. in2001.company beenpartof Ithadpreviously BaneTele asaseparate wasestablished Members oftheboard: Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: BaneTele AS JanMortenRuud(framtil1. 2009) april P.O. Box4323Nydalen, 0402Oslo www.banetele.no +4707080 StigHerbern Jan T. Jørgensen, Tone

© BaneTele AS Asbjørn Stuestøl* Kyllingstad, ErlingDalberg, BjørnMyhre*, Bjørnov, KjellIvarHansenRøsnes, Maren Auditor: ratio of62percent. ratio to NOK721million, correspondingtoanequity At theendof2008, thebookequityamounted the precedingyear. compared withadeficitofNOK4.6millionin The annualprofitwasNOK3.8million, operators. andmobiletelephony systems integrators andincreased salesto portfolios communication duetothetake-overofmajor is mainly compared withtheprecedingyear. The increase NOK 870millionin2008, up16.5percent BaneTele’s incomeamounted to operating group end-user market. group’s marketchanneltotheNorwegian wholesale market, while Ventelo willbethe andproductstothe services continue tooffer alliansen group’s activities. BaneTele will andrestructuringofthe Bredbånds integration work inconnectionwiththeupcoming extensiveplanning 2008 wascharacterisedby Economic development theStorting’sfollowing consent. 2009 share salewasimplementedinFebruary from 2006.in theshareholderagreement The Bredbåndsalliansen AS onthetermsstipulated State’s 50percentshareholdinginBaneTele to decidedtoexerciseitsright sellthe Industry In November2008, of theMinistry Trade and provider service Ventelo. theactivitiesofBaneTelecoordinate andthe in2008to beenunderway have Efforts market position. purpose offurtherstrengtheningBaneTele’s NOK2.33billion,(including debt)for withthe PricewaterhouseCoopers PricewaterhouseCoopers AS 57

© BaneTele AS womenontheboard ofshareholder-electedPercentage Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St Percentage ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat employeesinNorway Percentage Number ofemployees Additional Information Average last5years dividendpercentage Dividend percentage dividend Allocated Dividend etc EBIT EBITDA employed Capital Key figures Change cashandliquidassets Financing activities Investment activities activities Operational Cash flow February 2009 February of (Ministry Trade andIndustry), zerofrom26 Net financialitems Return onequity Profit before tax Equity ratio Equity ratio Return on capital employed Return oncapital Average returnonequitylast5years Tax costs Profit aftertax a te ownership: THE STATE’S OWNERSHIPREPORT 2008 50 per cent at year-end 50percentat 100 % -23 % 1 162 1 162 865.3 870.3 2008 2008 2008 2008 2008 2008 33 % 25 % 50 % 62 % -136 -215 -2.4 -1.1 0 % 0 % 1 % 442 278 148 721 857 245 917 766 146 1 % 217 174 868 176 -39 4.3 5.0 2.7 3.8 16 11 0 0 0 100 % 1 070 1 070 755.7 746.7 2007 2007 2007 2007 2007 2007 33 % 25 % 50 % 67 % -140 -1 % -235 -8.9 -4.6 -4.6 0 % 353 246 717 857 271 799 683 115 0 % 203 142 802 146 -89 0.3 4.3 0.0 02-07-09 11:24:46 85 22 -1 0 0 0

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Eksportfinans ASA

ADDRESS: P.O. Box 1601 Vika, 0119 Oslo Members of the board: Carl Erik Steen, Live State ownership: 15 per cent TELEPHONE: +47 22 01 22 01 Haukvik Aker, Tor Bergstrøm, Marianne Heien (Ministry of Trade and Industry) INTERNET: www.eksportfinans.no Blystad, Bodil P. Hollingsæter, Thomas F. Borgen, CEO: Gisèle Marchand Tor Østbø* Chair of the board: Geir Bergvoll Auditor: PricewaterhouseCoopers AS * EMPLOYEE-ELECTED CO MPANIES Eksportfinans is owned by 26 commercial subsequently fully subscribed by the company’s Income statement (MNOK) 2008 2007 banks and savings banks, as well as the State. shareholders. As a result of the share capital Interest income 12 256 8 927 Interest costs 11 187 8 366 The State, represented by the Ministry of Trade increase, the company’s liquidity and financial Net interest rate and credit and Industry, became the owner of 15 per cent position were strengthened. In March 2008, a commission income 1 068 561 of the shares in 2001 through a private portfolio guarantee agreement was entered into Other net operating income 3 796 -584 Operating costs 204 187 placement. between Eksportfinans and the owners which Net losses 0 0 protects the company from further currency Operating profit/loss 4 660 -210 Eksportfinans’ purpose is to develop and offer exchange losses in the liquidity portfolio of up to Tax costs 1 305 -61 Profit after tax 3 355 -149 competitive financial services to the export NOK 5 billion. industries. In addition, the company provides Balance sheet 2008 2007 loans for municipal and county municipal To ensure that Norwegian companies can Cash and receivables on credit institutions 36 188 27 334 Lending 112 751 98 777 activities through the subsidiary Kom- continue to receive offers of financing of export Securities 135 432 89 877 munekreditt Norge AS. Eksportfinans also contracts which qualify for state-subsidised Other assets 12 531 2 732 manages an export credit scheme on assign- loans, the Storting adopted a motion from the Total assets 296 901 218 720 ment from the State. The company obtains Government in December 2008 which means Liabilities to credit institutions 327 324 funding in the international capital markets. that Eksportfinans will receive offers of state Deposits from customers 0 0 A good credit rating is a prerequisite for loans in 2009 and 2010 with up to five years Other liabilities and commitments 287 458 214 355 favourable funding terms. maturity at market terms. Eksportfinans has Subordinated loan capital 1 909 1 379 Total liabilities 289 693 216 058 been downgraded by all rating companies in the Subscribed equity 2 948 1 756 Important events past year, and now has an AA+ rating with a Retained earnings 4 260 906 The activity level in the Norwegian maritime negative outlook from Moody’s and Standard & Total equity 7 208 2 662 Total equity and liabilities 296 901 218 720 industry and oil and gas industry remained high Poor’s and an AA rating with a stable outlook in 2008. The volume of outstanding export loans from Fitch Ratings. 1 Cash flow 2008 2007 increased by 43 per cent during 2008 and Operational activities -34 602 -30 310 amounted to NOK 80 billion at year-end. Total Investment activities 38 749 -31 251 Economic development Financing activities 2 157 62 211 lending to the municipal sector amounted to Eksportfinans’ profitability saw a positive Currency effects 191 -10 NOK 59 billion at the end of 2008, down 14 per development in 2008, with a group profit after Change cash and liquid assets 6 495 640 cent from the preceding year. The reduction is tax of NOK 3.4 billion, compared with a deficit of Key figures 2008 2007 due to the decision to re-price some of NOK 149 million in 2007. The main cause of the Core capital adequacy ratio 8.1 % 6.3 % Kommunekreditt’s lending as a result of limited large profit in 2008 was the company’s Capital adequacy ratio 11.6 % 9.6 % access to long-term funding. Total new funding significant unrealised gains as a result of the Cost ratio 4 % -806 % Loss provisions as a percentage for Eksportfinans in 2008 was NOK 94 billion, reduction of the market value of the company’s of gross lending 0 % 0 % against NOK 81 billion in 2007. From the funding. The profit from the underlying business Rate of loss lending 0.34 % 0 % autumn of 2008, the company started activities, without realised effects, was Return on equity 68 % -5 % Average return on equity last 5 years 17 % encountering problems in obtaining long-term NOK 376 million in 2008, up from funding. At the extraordinary general meeting in NOK 294 million in 2007. Dividend 2008 2007 Eksportfinans in March 2008, a share capital Allocated dividend 0 0 Dividend percentage 0 % 0 % increase of NOK 1.2 billion was adopted and Average dividend percentage last 5 years 13 % Allocated dividend to the State 0 0

Additional Information 2008 2007 Number of employees 103 103 Percentage employees in Norway 100 % 100 % The State’s ownership interest at year-end 15 % 15 % Percentage of women on the board, total 38 % 38 % Percentage of shareholder-elected women on the board 43 % 43 %

1 On 7 May 2009, Eksportfinans entered into an agreement with Kommunale Landspensjonskasse (KLP) to sell its subsidiary Kommunekreditt Norge AS to the latter. The transaction will take place at book value, i.e. NOK 870 million. The background for the divestment is the challenges of obtaining competitive

_Selskapsomtale_eng_ombr.indd 58 02-07-09 11:24:48 _Selskapsomtale_eng_ombr.indd 59 authorised nauticalchartdata. shall function as a consistent and flexible source of from nearly 40 different countries. The map service nauticalcharts comprises8200approved service international Primar collaboration. At present, the acquisition of nautical chart data through the and handlesoverallmanagement Service services, Hydrographic whiletheNorwegian and daily operation of the electronic nautical chart handles thedevelopment, administration capacity Survey, Hydrographic Norwegian underwhichECC Mapping Authority’s nautical department, the with theNorwegian accordance withanagreement The company’s activities are operated in authorities allovertheworld. nauticalchart national produced andownedby timely, authorisedelectronicnauticalcharts andmakingavailable managing by navigation well ascoveringsociety’s safe needfor sea, conventionsonsafetyat international as fulfil Norway’s under obligations international The mainpurposeoftheState’s ownershipisto andhas15employees.State Authority. the ownedby iswholly The company Mapping it wasdemergedfromtheNorwegian in1999when asalimitedcompany established shipping andothermaritimeactivities. ECCwas for electronicnauticalchartservice international buildingan usefulinfrastructureby universally of andoperation contribute toinnovation Electronic ChartCentre AS (ECC)shall CEO: INTERNET: TELPHON: Stree addresS: ADDRESS: Electronic ChartCentre AS Asbjørn Kyrkjeeide P.O. Box60, 4001Stavanger www.ecc.no +4751939500 Lervigsveien 32, Lervigsveien Stavanger

© ECC AS Ingvild Sæther Auditor: Members oftheboard: Chair oftheboard: tax. 30 percentofthecompany’s annualprofitafter 2008,disburse NOK1.1millionindividend for ment in the coming years. The company will thedevelop- other countrieswillbedecisivefor of services fromthehydrographic chart data shipping lanes. The availability of global nautical obtaining nautical chart data for international Hydrographic Service and the challenges of totheassignments fromtheNorwegian relation ECC’s mustbeseenin economicsituation of85percent. hasan equity ratio company 18.8 mil 2008, ECC had a bank balance of NOK theyeariszero.and thetaxcostfor At year-end result ofdeficitsfromthefirstyearsoperation, company has significant deferred tax assets as a for 2008 is up 16 per cent from 2007. The The company’s annualprofitofNOK3.7million Economic development Nordic countrieswillbeaddedlater. via NorgeDigitalt, fromother andsimilar data willbemade available nauticalchartdata gian manner.flexible Fromyear-end 2008, Norwe- inaneasyand benefit fromnauticalchartdata can contributetoallowingmorepeople andaerial photos. data tion withlandmap This incombina- including useofnauticalchartdata PCs usingopensourcesoftwareontheinternet, on ofnauticalchart data thedisplay facilitate waters.in Norwegian ECCisalsoworkingto onships nauticalchartdata the useofapproved controlling tested newweb-basedsolutionsfor Service, Hydrographic Norwegian ECChas Coastal Norwegian andthe Administration MaritimeDirectorate,such astheNorwegian the authorities withtheNorwegian In collaboration maritime accidents. prevent runningaground, collisionsandother cancontributeto useofsuchchartdata that 2012. Studiesandpracticalexperienceshow from traffic some shiptypesininternational electronicnauticalchartsystemsfor approved touse tomakeitmandatory Organisation intheUN’sunderway Maritime International tonewusergroups.services There areefforts theprovisionofnauticaldata facilitating a doublingofthenumberusers, while The enterprisehasinrecentyearsexperienced Important events lion and no interest-bearing debt. The KPMG AS SiriNorsetChristiansen 59 Peter Jacob Tronslin,

Return on capital employed Return oncapital Average returnonequitylast5years Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Profit aftertax Tax costs Profit before tax Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) St womenontheboard ofshareholder-electedPercentage dividendtotheState Allocated Average last5years dividendpercentage Return onequity Percentage ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat employeesinNorway Percentage Number ofemployees Additional Information Dividend percentage dividend Allocated Dividend Equity ratio EBIT EBITDA employed Capital Key accountingfigures (Ministry of (Ministry Trade andIndustry) a te ownership: THE STATE’S OWNERSHIPREPORT 2008 100percent 100 % 100 % 2008 2008 2008 2008 2008 21 % 19 % 67 % 31 % 21 % 67 % 30 % 80 % 24.2 19.4 10.6 24.2 20.4 17.1 20.1 19.4 4.8 4.8 0.0 0.0 0.0 8.8 3.8 0.0 1.0 2.8 3.7 0.0 3.7 0.8 3.0 1.1 1.1 3.7 4.5 14 100 % 100 % 2007 2007 2007 2007 2007 20 % 67 % 20 % 67 % 30 % 79 % 21.2 16.8 10.6 21.2 17.2 14.4 17.2 16.8 4.4 4.4 0.0 0.0 0.0 6.2 4.1 0.0 1.3 2.8 3.2 0.0 3.2 0.5 2.7 1.0 1.0 3.2 3.9 02-07-09 11:24:52 15

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Kommunalbanken AS

ADDRESS: P.O. Box 1210 Vika, 0110 Oslo Chair of the board: Else Bugge Fougner State ownership: 80 per cent TELEPHONE: +47 21 50 20 00 Members of the board: Per N. Hagen, Sverre (Ministry of Local Government and Regional INTERNET: www.kommunalbanken.no Thornes, Martha Takvam, Nanna Egidius, Svein Development) CEO: Petter Skouen Blix, Martin Spillum* Auditor: Ernst & Young AS * EMPLOYEE-ELECTED CO MPANIES Kommunalbanken AS was established in different currencies. Well above 90 per cent of Income statement 2 (MNOK) 2008 2007 November 1999. The company represents a the funding is obtained abroad, with Japan as Interest income 8 998 6 657 Interest costs 8 490 6 391 continuation of the activities in the State bank the most important market. Two capital Net interest rate and credit Norges Kommunalbank, established in 1927. In increases resulted in NOK 466 million higher commission income 508 266 2000, 20 per cent of the share capital was equity in 2008. The capital increase makes it Other operating income 114 14 Operating costs 78 67 acquired by KLP. Kommunalbanken offers loans possible to increase lending by up to Netto tap 0 0 to municipalities and county municipalities, as NOK 20 billion. 1 Operating profit/loss 543 312 well as municipal and inter-municipal compa- Tax costs 153 60 Profit after tax 390 153 nies, either against municipal guarantees, state Economic development guarantees or other solid surety. The company Total lending increased by NOK 16.3 billion, Balance sheet 2008 2 007 can take on other assignments which are from NOK 101.7 billion in 2007 to Cash and receivables on credit institutions 3 900 189 Net lending 120 935 104 672 natural in view of the company’s activities. The NOK 118 billion at year-end 2008. The bank Securities 73 018 37 312 company had 43 employees at the end of 2008. has not suffered any lending losses. Net interest Other assets 18 382 1 526 received in 2008 was NOK 508 million, Total assets 216 236 143 700 The bank shall contribute to competition in lend- generated by lending and management of 0 0 Liabilities to credit institutions 1 922 2 016 ing to municipalities and county municipalities surplus liquidity and the bank’s equity. Deposits from customers 0 0 so that the municipal sector has access to The 2008 accounts show a pre-tax profit of Other liabilities and commitments 210 526 139 047 reasonable loans. This is an expression of the NOK 543 million and a profit after tax of Subordinated loan capital 1 583 1 287 Total liabilities 214 031 142 350 bank’s sector-policy function as described in the NOK 390 million. The profit after tax equals a Subscribed equity 1 221 755 Government’s ownership report. The bank has return on equity of 27.2 per cent. A dividend of Retained earnings 984 594 the highest available credit rating (AAA). The NOK 43.75 million to the owners has been Total equity 2 205 1 349 Total equity and liabilities 216 236 143 700 State’s ownership contributes to Kommunal- proposed for the 2008 fiscal year. banken’s especially high credit rating and thus Cash flow 2008 2 007 to favourable lending terms. The bank offers the Operational activities 548.0 200.0 same lending terms to small and medium-sized Investment activities -72 692.2 -15 864.0 Financing activities 72 144.2 15 664.0 municipalities as large municipalities. The bank Change cash and liquid assets 0.0 0.0 shall also safeguard commercial considerations. Satisfactory risk-adjusted return on equity forms Key figures 2008 2007 Core capital adequacy ratio 7.4 % 6.0 % the basis for the bank’s operations through Capital adequacy ratio 11.6 % 10.6 % return requirements adjusted every third year. Cost ratio 12.6 % 24.0 % Loss provisions as a percentage of gross lending0.0 0.0 Rate of loss lending 0.0 0.0 Kommunalbanken is licensed to operate as a Return on equity 27.2 % 12.6 % financing enterprise. The company is subject to Average return on equity last 5 years 14.1 % 10.9 % the general legislation and regulations for Values in and out of the company 2008 2007 financing institutions and operates in the credit Sales proceeds to the State 0 0 market on the same terms as other financing Capital injection from the State 373 59 enterprises. Kommunalbanken is subject to the Dividend for the fiscal year 44 0 Allocated dividend to the State 35 0 supervision of the Financial Supervisory Dividend percentage 11 % 0 % Authority of Norway. Average dividend percentage last 5 years 7 % 14 %

Additional Information 2008 2007 Important events Number of employees 43 41 Kommunalbanken is the largest lender to the Percentage of all employees working in Norway 100 % 100 % municipal sector, with a market share of about The State’s ownership interest at year-end 80 % 80 % 40 per cent when including loans to municipal Total percentage of women on the board 43 % 43 % Percentage of shareholder-elected enterprises, inter-municipal companies and women on the board 50 % 50 % municipal limited companies. A large percentage of the loans disbursed in 2008 were in 1 On the background of Kommunale Landspensjonskasse’s (KLP) acquisition of all the shares in Kommunekreditt Norge AS from connection with investments in the school Eksportfinans ASA, the Government entered into an agreement sector. Other loan purposes included assisted to take over KLP’s shares in Kommunalbanken AS for living housing, nursing homes, kindergartens, NOK 528 million on 7 May 2009, contingent upon the Storting’s approval cf. Storting Proposition No. 79 2008-2009 water, drainage and waste management plants, Kommunalbanken AS – purchase of KLP’s ownership interest. roads and other infrastructure. NOK 67.9 billion 2 In 2008, Kommunalbanken made the transition to IFRS. The

was borrowed in 2008, distributed over 12 AS © Kommunalbanken figures for 2007 have also been corrected for the transition.

_Selskapsomtale_eng_ombr.indd 60 02-07-09 11:24:55 _Selskapsomtale_eng_ombr.indd 61 transport ofcontainersandsemitrailers. The received thelastof475newfreightcarsfor At year-end 2008, thefreighttraindivisionhad distances. possibility ofinternetaccessonselected In 2008, NSBstartedaprojecttolookintothe inthecomingyears. introduced successively upgrades, andmodernised trainswillbe same time, investmentsarebeingmadein in2011/2012.Asker startsoperating At the whenthedoubletrackfromLysakergrowth to andfacilitate in ordertomoderniseservices In 2008, NSBordered50newpassengertrains Important events means oftransport. strong positioninthecompetitionwithother a trainshave the objectiveofensuringthat thestate’s for The rationale ownershipincludes Forsikring AS and Arrive AS). (Mantena AS, NSB Trafikkservice, Finse (ROM Eiendom AS) andsupportfunctions owns 55percentofCargoNet AS), realestate AB), buses(Nettbuss AS), freighttrains(NSB NSB GjøvikbanenandSvenska Tågkompaniet activity areasarepassengertrains(NSB AS, activities.other transportandassociated The NSB’s transport, purposeistoproviderailway in partsofSwedenandDenmark. and activities takeplacealmostalloverNorway cations. The headquartersareinOslo, whilethe of through theMinistry Transport andCommuni- largest transportgroups, theState ownedby a limitedcompany. NSB AS isoneofNorway’s 2002,From 1July NSBhasbeenorganisedas Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: NSB AS Einar Enger www.nsb.no 0048 Oslo +47 231500 IngeborgMoenBorgerud Auditor: Members oftheboard: for the2008fiscal year.for hasbeenproposed NOK 15milliontotheState downward economiccycle. A dividendof divisions asaresultofthe and realestate as wellaweakerdevelopmentinthefreight in connectionwithinfrastructurebreakdowns, freight trainactivities, costs increaseddeviation higher personnelcostsinthepassengerand profitaresignificantly of theloweroperating NOK 626millionfrom2007. The maincauses profitwasNOK105million,operating down down NOK517millionfrom2007. The 2008wasNOK19million, for theNSBgroup for The annualprofitaftertaxandminorityinterests Economic development thetrainmaintenance.Mantena willsupply maintenance oftheStockholmsubway, where and theoperation while theotherisfor Skånetrafiken,maintenance of45trainsfor decisions arenotfinal. the Onecontractisfor maintenance contractsinSweden, butthese inandwontwotendersfor participated NSB’s maintenancecompany, Mantena AS, the architecturalcompetitionin2008. basedonthesketchfromwinnerof Station OsloCentral areaat development ofthestation theplanningof division willinitiate isalsocontinuing.Station The realestate neartheOsloCentralRail Schweigaardsgate and inBjørvika commercial realestate inOslo.Schweigaardsgate The developmentof in developer andlessorofthenewtaxoffice ROMEiendom The subsidiary AS isthe been increased. the at capacity Alna freightterminalhasalso Audun Strand* sen, Øystein Aslaksen*, Audun Sør-Reime*, Jan Borgersen, Bente Hagem, Tore Heldrup Rasmus- PricewaterhouseCoopers PricewaterhouseCoopers AS 61 ChristianBrinch, Bjarne

© NSB AS (Ministry of (Ministry Transport andCommunications) Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets womenontheboard ofshareholder-electedPercentage employed Return oncapital Average returnonequitylast5years assets Intangible Balance sheet Profit/loss before taxandminorityinterests Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St Percentage ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat Return onequity Percentage employees in Norway employeesinNorway Percentage Number ofemployees Additional Information dividend Allocated Dividend Total incomefrompublicpurchases Income frommunicipalities Income fromtheState Public purchases Equity ratio EBIT EBITDA employed Capital Key figures Currency effects Financing activities Investment activities activities Operational Cash flow Number of1000 TEU (freighttrainsNorway) arrivalfinaldest.) Punctuality (trainonscheduleupon Freight transportwork(milliontonneskm) (millionpersonalkm) Number oftravellers Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Minority interests Tax costs Allocated dividend to the State dividendtotheState Allocated Average last5years dividendpercentage Dividend percentage Dividend percentage Change cashandliquidassets Profit/loss aftertaxandminorityinterests Minority interests a te ownership: THE STATE’S OWNERSHIPREPORT 2008 100 percent 17 120 11 440 10 224 10 329 11 324 11 874 17 120 10 699 -2 679 100 % 5 536 5 680 1 241 8 839 1 360 2 250 1 599 1 400 1 647 1 590 3 000 3 464 4 730 1 783 6 421 2008 2008 2008 2008 2008 2008 2008 40 % 25 % 85 % 38 % 85 % 70 % 72 % 4 % 5 % 0 % 683 105 651 444 557 723 202 559 -37 -17 69 14 52 66 14 19 1

14 220 11 035 14 220 -1 686 100 % 5 536 4 637 9 584 8 690 9 263 9 994 2 212 1 593 1 707 1 229 8 978 2 713 3 516 2 115 1 726 6 821 7 399 1 068 2007 2007 2007 2007 2007 2007 2007 40 % 25 % 88 % 48 % 87 % 10 % 75 % -720 -259 8 % 594 300 731 619 843 515 217 758 402 213 402 536 02-07-09 11:24:57 27 50 41 -5 9

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Posten Norge AS

ADDRESS: 0001 Oslo Members of the board: Liv Stette, Eli Arnstad, Auditor: Ernst & Young AS TELEPHONE: +47 23 14 90 00 Terje Christoffersen, Sigbjørn Molvik, Gry State ownership: per cent (the Ministry of INTERNET: www.posten.no Mølleskog, Odd Kristian Øverland*, Ingeborg Transport and Communications) CEO: Dag Mejdell Anne Sætre*, Paul Magnus Gamlemshaug*, Chair of the board: Arvid Moss Judith Olafsen* * EMPLOYEE-ELECTED CO MPANIES Since 1 July 2002, Posten has been organised A reorganisation of Posten’s branch network is Income statement (MNOK) 2008 2007 as a limited company owned by the Ministry of currently underway, and 124 post offices will be Operating income 28 663 26 810 Operating costs 28 302 25 762 Transport and Communications. converted into postal services in stores by Operating profit/loss 361 1 080 2010. Net financial items -253 -125 Posten is a postal and logistics group which Profit/loss before tax and minority interests 108 955 Tax costs 136 159 views the Nordic countries as its home market, In the autumn of 2008, Posten launched a new Minority interests 7 0 engaged in the business areas postal services, brand, Bring, and changed the logos of the Profit/loss after tax and minority interests -35 796 logistics and IT. The group comprises the parent parent company and group. Balance sheet 2008 2007 company Posten Norge AS and the wholly and Intangible assets 7 613 6 755 partly owned subsidiaries gathered under the Posten has implemented a comprehensive Tangible fixed assets 4 406 4 037 brand name Bring. rationalisation program, with measures Financial fixed assets 298 307 Total fixed assets 12 317 11 099 spanning from streamlining administrative Current assets 6 761 6 279 A key element in Posten’s strategy is to functions, optimising purchasing routines, Assets held for sale 438 37 maintain its position as a market leader in postal converting post offices to postal services in Total assets 19 516 17 415 services and develop leading positions in the stores, selling post terminals, building a new Subscribed equity 4 112 4 112 Nordic countries, in a market characterised by sorting terminal for Eastern Norway and Retained/ other equity 1 041 1 666 increasingly tough competition as a result of changing the production routines to reflect a Minority interests 7 8 market internationalisation and consolidation, new productivity system. The program will be Total equity 5 160 5 786 Total provisions for liabilities and charges 2 268 2 233 new technology and higher customer require- implemented by 2012 and is expected to have Long-term interest-bearing liabilities 4 701 3 118 ments. major economic effects. Long-term interest-free liabilities 393 166 Current interest-bearing liabilities 62 76 Posten shall ensure nation-wide provision of The licensing requirement of an overnight Current interest-free liabilities 6 932 6 036 Total liabilities 14 356 11 629 required delivery services and basic bank delivery quality of at least 85 per cent nationally, Total equity and liabilities 19 516 17 415 services in the branch network. Furthermore, for the year seen as a whole, was achieved in the company shall ensure proper management 2008 as 87.1 per cent of the A mail arrived the Cash flow 2008 2007 Operational activities 1 342 1 714 of the State’s assets and good industrial next day in 2008 against 85.1 per cent in 2007. Investment activities -2 095 -2 294 development of the company. The sector-policy The other five licence requirements were met Financing activities 943 -79 objectives are mainly safeguarded through with good margins in 2008. Change cash and liquid assets 190 -659 sector-specific regulations, including operating Key figures 2008 2007 licences. Economic development Capital employed 9 923 8 980 Posten’s income increased by about 7 per cent EBITDA 2 071 2 327 EBIT 996 1 363 Important events in 2008, to NOK 28.7 billion. The growth was Equity ratio 26 % 33 % In February 2008, the Ministry of Transport and mainly generated by acquisitions and high Return on equity -1 % 14 % Communications submitted Storting White activity levels. The turnover from companies Average return on equity last 5 years 13 % Return on capital employed 11 % 16 % Paper No. 12 (2007-2008) “On Posten Norge’s outside of Norway increased by NOK 1.2 billion Branches 1 479 1 487 activities”. The white paper contained a briefing and amounted to 26 per cent of the group’s Delivery quality A mail (overnight delivery) 87 % 85 % from the ministry on the owner’s management income in 2008. Customer satisfaction in branch network 84 % 83 % of Posten for the coming years, as well as the Volume development A and B mail 0.7 % -0.3 % company’s main challenges, strategies and The operating profit in 2008 was Dividend 2008 2007 future plans. This included an account of the NOK 361 million, (NOK 1080 million in 2007). Allocated dividend 0 597 transition from post offices to the “postal The profit before tax was NOK 108 million in Dividend percentage 0 % 75 % Average dividend percentage last 5 years 47 % services in stores” (Post i butikk) concept and 2008 (NOK 955 million in 2007). The return on Allocated dividend to the State 0 597 the continued provision of bank services equity was 0.3 per cent (14 per cent in 2007). through the branch network. The profitability was reduced by lower income Additional Information 2008 2007 Number of employees 28 251 27 068 from the postal and bank services Posten is Percentage employees in Norway 81 % 85 % required to supply, lower ad income and high The State’s ownership interest at year-end 100 % 100 % costs in the postal segment. Logistics and IT Percentage of women on the board, total 50 % 50 % Percentage of shareholder-elected showed a positive development. women on the board 50 % 50 %

No dividend disbursement has been proposed from the company for the 2008 fiscal year. © Posten Norge AS © Posten Norge

_Selskapsomtale_eng_ombr.indd 62 02-07-09 11:24:58 _Selskapsomtale_eng_ombr.indd 63 Statkraft since1998,Statkraft andconfirmsthecom- industrial power agreement entered into by 2030. The delivery of about 20 TWh is the largest theperiodfrom2009to for power agreements entered into two long-term, commercial industrial In October 2008, Statkraft and Boliden Odda Important events main activity. ene in1992, withhydropowerproductionasits - SFwasdemergedfromStatskraftverk Statkraft after Statkraft’s thebasis for WWII form activities. 1900s andlarge-scalehydropowerdevelopments State acquisition of waterfall rights from the early markets. development inemerging cent. inhydropower SNPowerisengaged owns60percentandNorfund40 Statkraft SNPower,through thecompany ofwhich investments outsideofEuropearehandled hasownershipinterests.Statkraft Statkraft’s companiesinwhich handled throughregional distribution grids and end-user activities are countries andcontinentalEurope. InNorway, bothin theNordic tradingfromoffices energy owned inNorway. in isengaged The group andone partially ownedinGermany partially power plants, three wholly owned and one Sweden andhaspowerproductionfromfivegas Norway, and plantsinNorway 11districtheating threewindfarmsin ownsandoperates Statkraft UK and18outsideofEurope. Furthermore, Norway, 76 in Sweden, Germany, Finland and the from 243hydropowerplants, ofwhich149in major partofStatkraft’s productioncomes energy has an installed capacity of 15 478 MW. The energy.largest producerofrenewable The group andEurope’sproducer intheNordicregion The Statkraft group is the third largest electricity Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: SF Statkraft Bård Mikkelsen P.O. Box200Lilleaker, 0216Oslo www.statkraft.no +4724067000 Grundekjøn Arvid

© Statkraft Auditor: Members oftheboard: NOK 10 billion for the2008fiscalyear.NOK 10billionfor willdisburseadividendof Statkraft contributed tohigherfinancialcosts. inthefinancialmarketshas,situation however, prices andhigherproduction. The challenging 2007 to2008, duetohigherenergy mostly however, alsoshows an improvementfrom E.ON transactionin2008. profit,The underlying ofthe connection withtheimplementation non-recurring gainofNOK25.6billionin of theincreaseisduetotakingincomea figure in2007wasNOK6.6billion. A largepart interests ofNOK33.3billion. The corresponding in 2008, withaprofitaftertaxandminority achievedarecordresult SF group The Statkraft Economic development EUR 4.5billion. agreement. is The totalvalueoftheswap storage contract and an energy delivery addition, received astructuredgas Statkraft 4.17 percentofthesharesinE.ON AG. In Germany, threehydropowerplantsintheUKand gas powerplantsand11hydropowerin and five district heating plants in Sweden, two 40hydropowerplants hydropower plantagainst stake inE.ONSverige AB andaSwedish entailed that Statkraft traded its 44.6 per cent producer of renewable energy. The agreement swap trade which made Statkraft Europe’s largest based energy company E.ON AG conducted a On 31December2008, andGerman- Statkraft be adirectownerinpartnershipwithSNPower. Africa and Central America, where Norfund will investmentsin for willbeestablished company stake in the same period. In parallel, a separate guaranteed theopportunitytosellallorpartofits than2015.67 percentnolater Norfundis 2009, with an option to increase its ownership to ownership from 50 to 60 per cent on 13 January SNPower.structure for increasedits Statkraft onanewownership reached anagreement In November2008, andNorfund Statkraft beenclarified. and otherissueshave agreement will come into force as soon as tax Boliden Odda’s stakein AS Tyssefaldene. The As part of the agreement, Statkraft will acquire industry.power suppliertotheenergy-intensive pany’s position as the largest and most important Larsen*, Odd Vanvik* Stenstadvold, Thorbjørn Holøs*, Astri Botten Mork, Nordvik, Egil BeritRødseth, Halvor Deloitte AS 63 EllenStensrud, Aud

Guarantee amount Dividend totheState Average last5years dividendpercentage womenontheboard ofshareholder-electedPercentage employed Return oncapital Average returnonequitylast5years Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Minority interests Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Profit/loss aftertaxandminorityinterests Profit/loss before taxandminorityinterests Net financialitems Operating profit/loss costs Operating income Net operating Income statement(MNOK) * EMPLOYEE-ELECTED St Percentage ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat Return onequity 1 employeesinNorway Percentage Number ofemployees Additional Information Dividend percentage dividend Allocated Dividend etc Equity ratio EBIT EBITDA employed Capital Key figures er Currency effects Financing activities Investment activities activities Operational Cash flow Minority interests Tax costs (Ministry of (Ministry Trade andIndustry) Guarantee commission to the State Guarantee commissiontotheState Change cashandliquidassets

losses, 2007will be98percent. for thedividendpercentage minority interests, adjusted for unrealised changesProposition in value No. and 1 (2007-2008), i.e. group profitBy using after the tax dividend and basis in Statkraft SF as definedwith E.ON. Statkraft. for limitedliquidityeffects This gainhasvery in Storting trade asaresultoftheswap Statkraft gain ofNOK25.6billionfor low dividend percentage of 30 per cent is due to Statkrafta non-recurring for the 2008 fiscal year was stated ass InNOK Storting 10 billion, Proposition The No. 1 (2008-2009), the dividend from a te ownership: 1

THE STATE’S OWNERSHIPREPORT 2008 100percent

145 291 145 291 117 495 113 762

33 279 10 000 75 070 19 732 10 152 33 389 11 797 70 221 38 199 29 250 27 796 38 844 75 756 20 949 16 766 23 995 10 000 44 122 45 728 37 715 -1 054 -7 783 -3 046 100 % 6516 2 772 2 895 7 229 2 633 9 746 4 186 2008 2008 2008 2008 2008 2008 54 % 30 % 50 % 45 % 26 % 44 % 63 % 85 % 48 % 250 65 29 110 292 110 292 11397 68 642 19 005 33 111 41 650 29 250 17 416 92 876 34 262 56 957 13 583 10 463 12 119 81 684 -4 002 100 % 6 606 6 560 2 817 1 657 6 183 6 923 9 603 9 583 1 409 7 400 2 287 6 171 6 560 2 037 8 809 1 464 2007 2007 2007 2007 2007 2007 99 % 50 % 13 % 44 % 17 % 94 % 38 % -700 166 76 02-07-09 11:25:01 -5

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Store Norske Spitsbergen Kulkompani AS

ADDRESS: 9170 Longyearbyen Members of the board: Lisbeth Alnæs, Ole State ownership: 99,9 per cent TELEPHONE: +47 79 02 52 00 Fredrik Hienn, Grete Fossli, Anne Cathrine (Ministry of Trade and Industry) INTERNET: www.snsk.no. Haadem, Bjørn H. Martinsen*, Henning Kløften*, CEO: Bjørn Arnestad Thomas Hukkelås* Chair of the board: Bård Mikkelsen Auditor: KPMG AS * EMPLOYEE-ELECTED CO MPANIES Store Norske Spitsbergen Kulkompani AS Following the fire in the mine in 2005 and Income statement (MNOK) 2008 2007 (SNSK) was established in 1916. The group operating mishaps in 2006, SNSK considered it Operating income 3 445 1 827 Operating costs 2 191 1 724 consists of the parent company Store Norske important to rebuild trust in the company while Operating profit/loss 1 253 102 Spitsbergen Kulkompani AS and the wholly exploiting a buoyant coal market to improve the Net financial items -197 27 owned subsidiaries Store Norske Grubekompani liquidity situation by increasing production to Profit before tax 1 056 130 Tax costs 176 18 AS (SNSG), Store Norske Gull AS and Store 4 million tonnes in 2007. Production totalled Profit after tax 881 112 Norske Boliger AS. The company is engaged in 3.4 million tonnes in 2008. coal-related activities on Svalbard through Balance sheet 2008 2007 Intangible assets 116 0 SNSG. About 95 per cent of the production is Economic development Tangible fixed assets 772 790 exported. 2008 was a historically good year for SNSK, with Financial fixed assets 9 12 a profit after tax of NOK 881 million. The good Total fixed assets 897 802 Current assets 1 774 939 The mining activities predominantly take place result was due to the coal prices, which over the Total assets 2 671 1 741 at the Svea mine, in addition to minor produc- course of the year rose from USD 130 per tonne tion from Gruve 7 (mine) near Longyearbyen, at the beginning of the year to USD 219 per Subscribed equity 164 164 where about 35 per cent of the coal supplies tonne in July. From August, however, prices Retained/ other equity 973 409 Total equity 1 138 573 the local power plant. The mining shall take started falling, and the average achieved price for Provisions for liabilities and charges 553 34 place without state subsidies. At the end of the company’s coal sales ended at USD 175 per Long-term liabilities 24 367 2008, the group had 386 employees. tonne. Current interest-bearing liabilities 0 497 Current interest-free liabilities 956 270 Total liabilities 1 533 1 168 Important events The good result in 2008 strengthens the Total equity and liabilities 2 670 1 741 Following the fire in the Svea Nord mine in company’s finances and gives more room to Cash flow 2008 2007 2005, the company filed a claim against the manoeuvre in the future planning. Operational activities 2 100 285 insurance company of about NOK 821 million. Investment activities -134 -101 The insurance settlement was decided by the Coal prices have continued to fall in 2009 and Financing activities -828 -188 Change cash and liquid assets 1 138 -4 Hålogaland Court of Appeal in the autumn of have at times been lower than USD 60 per tonne, 2008, and SNSK was awarded compensation of considerably lower than the production cost price. Key figures 2008 2007 NOK 612 million. It took some time before the A cost reduction program has been implemented Capital employed 1 162 1 437 insurance settlement was ready, and the State to enable the company to deal with a coal price EBITDA 1 432 364 EBIT 1 280 211 issued a subordinated loan of NOK 250 million of USD 75 per tonne, and a reduced production Equity ratio 43 % 33 % to the company to remedy the situation in the volume down to 2 million tonnes. A dividend of Return on equity 103 % 21 % summer of 2007, cf. Storting Proposition No. 69 NOK 200 million will be disbursed from the Average return on equity last 5 years 36 % Return on capital employed 220 % 29 % and Recommendation to the Storting No. 230 company for 2008. (2006-2007). The loan was repaid in the Dividend 2008 2007 autumn of 2008. Allocated dividend 200 7 Dividend percentage 23 % N/A Average dividend percentage last 5 years 28 % Allocated dividend to the State 200 7

Additional Information 2008 2007 Number of employees 386 396 Percentage employees in Norway 100 % 100 % The State’s ownership interest at year-end 99.9 % 99.9 % Percentage of women on the board, total 38 % 50 % Percentage of shareholder-elected women on the board 60 % 60 % The picture shows coal coming out of the Svea mine. Photo: Tommy Dahl Markuss Tommy Photo: The picture shows coal coming out of the Svea mine.

_Selskapsomtale_eng_ombr.indd 64 02-07-09 11:25:03 _Selskapsomtale_eng_ombr.indd 65 CEO: INTERNET: TELPHON: ADDRESS: Veterinærmedisinsk Oppdragssenter AS Invest AS in2008, and AquaNova Invest AS SIVA solditsstakeof49percentto AquaNova Important events andproducts.services suppliersofsuch development andbreedingfor infection testsonfishinthefieldofvaccine marketandclinical animals intheNorwegian distribution ofalltypespharmaceuticalsfor consistsoftwobusinessareas:The company institutions. institutionsandrelated veterinary onNorwegian with itsexpertisefounded per cent). VESO isaknowledge-basedcompany Food (40percent)and AquaNova Invest AS (60 of throughtheMinistry the State and Agriculture in1988andisownedby VESO wasestablished Arne Ruud P.O. Box300Sentrum, 0103Oslo www.veso.no +4722961100 Auditor: Members oftheboard: Chair oftheboard: has been set at NOK8.5pershare. has beensetat itsbudgettargetfigures.attained The dividend hadagooddevelopmentin2008and company also increasedthroughtheyear. Overall, the ceuticals. at services The demandfor Vikan has areas ofdistributionandsalefishpharma- In 2008, VESO increaseditsmarketshareinall Economic development 39.91 percent. reducedto stake hasbeencorrespondingly placement.2008 throughaprivate The State’s increased itsownershipto60.09percentin Øystein Evensen, MaritDille, OlafSkjærvik ESSRevisjon AS Bjørn Kolltveit 65 BjørnSkjævestad,

© VESO AS womenontheboard ofshareholder-electedPercentage employed Return oncapital Average returnonequitylast5years Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities Total andcharges liabilities provisionsfor Total equity Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Operating profit/loss costs Operating income Operating Income statement(MNOK) St Percentage ofwomenontheboard,Percentage total Return onequity The State’s year-end ownershipinterestat employeesinNorway Percentage Number ofemployees Additional Information Dividend totheState Average last5years dividendpercentage Dividend percentage dividend Allocated Dividend Equity ratio EBIT EBITDA employed Capital Key figures (Ministry of (Ministry andFood) Agriculture Profit aftertax Tax costs Profit before tax Net financialitems a te ownership: THE STATE’S OWNERSHIPREPORT 2008 39,91percent 100 % 174 % 231.9 234.4 2008 2008 2008 2008 2008 20 % 20 % 13 % 40 % 90 % 44 % 95.4 53.0 42.5 42.4 26.4 16.0 95.4 60.9 34.5 14.9 15.6 46.9 -1.7 8 % 7 % 0.0 4.5 6.0 4.1 2.5 4.3 8.5 3.7 7.7 4.9 3.2 0.7 35 100 % 135 % 149.5 149.4 2007 2007 2007 2007 2007 50 % 40 % 51 % 52 % 66.0 32.0 23.3 34.0 29.0 66.0 39.4 26.5 12.3 13.7 39.8 -0.1 -0.4 2 % 3 % 5.0 0.0 5.8 2.9 0.5 0.8 1.5 0.9 4.5 1.1 0.7 0.8 02-07-09 11:25:05 37

COMPANIES _Selskapsomtale_eng_ombr.indd 66 02-07-09 11:25:13

Companies with sectoral policy objectives comprise companies where the main objectives of the state ownership are not commercial in nature. State ownership in these companies aims to achieve sectoral policy and social objectives in several areas. Even if the companies do not have commercial main objectives, they may have commercial sub-objectives. The degree of com- merciality varies between the companies. Several of the companies operate in markets with natural monopoly characteristics. The State sets requirements for the companies to ensure that the sectoral policy objectives are achieved in the most efficient manner possible, and several of the companies are subject to rate of return requirements based on their risk profiles.

Page Page Page Category 4 Kings Bay AS 75 Simula Research Laboratory AS 83 Companies with sectoral policy Kompetansesenter for IT i helse- SIVA SF 84 objectives og sosialsektoren AS 76 Statnett SF 85 Avinor AS 68 Norfund 77 Statskog SF 86 Bjørnøen AS 69 Norsk Eiendomsinformasjon AS 78 Uninett AS 87 Enova SF 70 Norsk Rikskringkasting AS 79 Universitetssenteret på Svalbard AS 88 Gassco AS 71 Norsk samfunnsvitenskapelig AS Vinmonopolet 89 Gassnova SF 72 datatjeneste AS 80 Innovasjon Norge 73 Norsk Tipping AS 81 Itas amb AS 74 Petoro AS 82

_Selskapsomtale_eng_ombr.indd 67 02-07-09 11:25:15 THE STATE’S OWNERSHIP REPORT 2008

Avinor AS

ADDRESS: P.O. Box 150, 2061 Gardermoen Members of the board: Kristin Vangdal, State ownership: 100 per cent TELEPHONE: +47 815 30 550 Oddbjørg A. Starrfelt, Marianne Njåstein, Petter (Ministry of Transport and Communications) INTERNET: www.avinor.no Jansen, Dag Helge Hårstad, Helge Løbergsli*, CEO: Sverre Quale Magne Jerpstad*, Ingrid Synnøve Brendryen* Chair of the board: Inge K. Hansen Auditor: PricewaterhouseCoopers AS * EMPLOYEE-ELECTED CO M P A N I E S Avinor AS was established on 1 January 2003 Paper on Avinor’s activities. The most recent Income statement (MNOK) 2008 2007 with the conversion of the management white paper was presented in 2006, cf. Storting Operating income 7 384 6 689 Operating costs 6 016 5 382 enterprise Luftfartsverket into a state limited White Paper No. 15 (2008-2009) “On the Operating profit/loss 1 368 1 308 company. The Avinor group comprises the activities of Avinor 2006-2008. Net financial items -286 -272 parent company Avinor AS and the subsidiaries Profit before tax 1 082 1 036 Tax costs 317 305 Oslo Lufthavn AS, Oslo Lufthavn Important events Profit after tax 765 731 Eiendom AS, Avinor Parkeringsanlegg AS, Avinor is facing major investment and financing Flesland Eiendom AS, Værnes Eiendom AS and challenges over the next years. At the extraordi- Balance sheet 2008 2007 Intangible assets 2 397 2 284 Sola Hotel Eiendom AS. The parent company is nary general meeting in August 2008, a Tangible fixed assets 16 699 15 186 divided into divisions for large, medium-sized decision was made to remove the provisions in Financial fixed assets 30 36 and regional airports, respectively, and a division the company’s by-laws which set a limit for how Total fixed assets 19 126 17 506 Current assets 1 034 2 104 for air traffic safety services. much the company can borrow. Total assets 20 160 19 610

Avinor is responsible for planning, developing In total, more than 40 million passengers Subscribed equity 5 400 5 905 and operating airports and air traffic safety travelled through Avinor’s airports in 2008. The Retained/ other equity 3 885 3 215 Total equity 9 285 9 120 services in Norway. The company is responsible financial crisis caused a reduction in air traffic in Provisions for liabilities and charges 2 228 1 940 for 46 state airports, of which 12 are operated the last three months of 2008, but for the year Long-term interest-bearing liabilities 5 304 5 646 in cooperation with the Armed Forces. The air as a whole, passenger figures were up 2.2 per Long-term interest-free liabilities 860 787 Current interest-bearing liabilities 438 438 traffic safety service supplies air traffic safety cent compared with 2007. Avinor has prepared Current interest-free liabilities 2 045 1 680 services for civilian and military aviation and a carbon footprint report for the group in 2008 Total liabilities 10 875 10 490 includes air traffic control towers and centres, and adopted a plan of measures to reduce its Total equity and liabilities 20 160 19 610

and navigation equipment. Avinor has a number emissions. Cash flow 2008 2007 of policy tasks. The company’s activities are Operational activities 2 512 2 288 financed through user payments and commer- Economic development Investment activities -2 547 -2 188 cial income in connection with the airports. The group’s operating income increased by Financing activities -1 049 -928 Change cash and liquid assets -1 084 -828 10.4 per cent, to NOK 7384 million, in 2008. The purpose of the State’s ownership in Avinor Profit before tax amounted to NOK 765 million, Key figures 2008 2007 is to facilitate safe, environmentally friendly and compared with NOK 731 million in 2007. Total Capital employed 15 027 15 204 EBITDA 2 587 2 399 efficient air traffic everywhere in Norway. The operating costs increased by 11.8 per cent in EBIT 1 541 1 436 activities shall be self-financing and be operated 2008. The return on capital employed after tax Equity ratio 46 % 47 % in a proper and efficient manner, thus providing was 6.39 per cent, against 5.65 per cent in Return on equity 8 % 8 % Average return on equity last 5 years 7 % value creation for the State over time. 2007. No dividend has been proposed for the Return on capital employed 10 % 10 % 2008 fiscal year. Regularity (percentage of scheduled Every other year, the Ministry of Transport and departures which take place) 97.6 % 98.4 % Punctuality (share of departures which take Communications presents a Storting White place within 15 minutes of scheduled time) 86.0 % 82.2 % Traffic development (total number of passengersstated in 1000) 39 500 38 681

Dividend etc 2008 2007 Allocated dividend 0 397 Dividend percentage 0 % 54 % Average dividend percentage last 5 years 33 % Dividend to the State 0 397

Additional Information 2008 2007 Number of employees 2 863 2 889 Percentage employees in Norway 100 % 100 % The State’s ownership interest at year-end 100 % 100 % Percentage of women on the board, total 44 % 44 % Percentage of shareholder-elected women on the board 50 % 50 % Photo: Gaute Bruvik Photo:

_Selskapsomtale_eng_ombr.indd 68 02-07-09 11:25:17 _Selskapsomtale_eng_ombr.indd 69 CEO: INTERNET: TELPHON: ADDRESS: Bjørnøen AS activities inthisconnection. The purposeofthe company’s propertiesonBjørnøyaandother Bjørnøen anduseofthe AS istheoperation reserve.monitoring ofthenature The purposeof and themanagement ble authorityfor area. The Governor ofSvalbardistheresponsi- includes theentireisland, asmall exceptfor on16 established August 2002. The reserve the island. was reserve Bjørnøyanature leaseon the scientificactivitiesonlandthey coordinating isresponsiblefor Northern Norway on Bjørnøya. Inaddition, ForecastingDivision Norway, station ameteorology leaseslandfor Institute,logical ForecastingDivisionNorthern ofBjørnøen.operation Meteoro- The Norwegian aretransferredtothe subsidies toKingsBay tothecompany.services PartsoftheState 1967. alsosuppliesmanagement KingsBay purposestoKingsBay administrative AS in in1932, State Norwegian andmadesubjectfor island. Bjørnøen the AS wastakenoverby of culturalandhistoricalinterestonBjørnøya Bjørnøen AS ownsalllandandsomebuildings JonErikNygaard 9173Ny-Ålesund www.kingsbay.no +47 790200 Auditor: Members oftheboard: Chair oftheboard: NOK 148140in2007. amounted toNOK162497, against the State’s fiscalbudget. In2008, thesubsidy of fundsfromKingsBay AS, over andallocated transfer exceeding thisamountarecoveredby NOK 178233in2008. costs Operating leasing propertiesandamountedto The company’s incomestemsfrom operating Economic development Barents Seaandotheractivitiesinthenorth. connection withpotentialproductionofoilinthe asaportof refugein transport needsandserve and thesupply area ontheislandcanservice mainlandandSvalbard.Norwegian A minorland position,graphical betweenthe mid-way importantgeo- Bjørnøya hasastrategically law.authorised topursuantNorwegian of propertiesonBjørnøya, is asthecompany sovereigntythroughthepossession Norwegian ownershipinBjørnøen State AS istosafeguard Refsnes, PålPresterud, Murud Egil Ishavsbyen Revisjon Ishavsbyen AS KnutM. Ore 69 Ann-Kristin Olsen, Karin

Photo: Oddvar Midtkandal Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Profit aftertax Tax costs Profit before tax Net financialitems Operating profit/loss costs Operating of whichsubsidiesfromKingsBay AS income Operating Income statement(MNOK) St womenontheboard ofshareholder-electedPercentage Total ofwomenontheboard percentage The State’s year-end ownershipinterestat employeesinNorway Percentage Number ofemployees Additional Information (Ministry of (Ministry Trade andIndustry) a te ownership: THE STATE’S OWNERSHIPREPORT 2008 100percent 100 % 2008 2008 2008 40 % 40 % N/A 4.1 0.0 0.0 0.0 0.0 0.0 4.0 0.0 4.0 4.1 0.2 3.9 0.0 3.9 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.2 0.2 0 100 % 2007 2007 2007 40 % 40 % N/A 4.1 0.1 0.1 0.0 0.0 0.0 4.0 0.0 4.0 4.1 0.2 3.9 0.0 3.9 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.1 0.2 02-07-09 11:25:19 0

Photo: Oddvar Midtkandal COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Enova SF

ADDRESS: Abelsgate 5, 7030 Trondheim Chair of the board: Jørn Rattsø State ownership: 100 per cent TELEPHONE: + 47 73 19 04 30 Members of the board: Eimund Nygård, Karin (Ministry of Petroleum and Energy) INTERNET: www.enova.no Refsnes, Cathrine Hambro, Andreas K. Enge* CEO: Nils Kristian Nakstad Auditor: Ernest & Young AS * EMPLOYEE-ELECTED CO M P A N I E S Enova was established by Royal Decree on • Introduction and development of new Income statement (MNOK) 2008 2007 1 June 2001, effective as of 22 June 2001. technologies and solutions in the energy Operating income 64.7 51.0 Operating costs 57.6 51.1 The background for the Royal Decree was the market Operating profit/loss 7.1 -0.1 endorsement by the Storting on 5 April 2001 of • Properly functioning markets for efficient and Net financial items 1.1 0.7 the Government’s proposal for a new financing environmentally friendly energy solutions Profit before tax 8.2 0.6 Tax costs 0.0 0.0 model and reorganisation of the work to restruc- • Increased knowledge of the opportunities for Profit after tax 8.2 0.6 ture energy use and production. putting efficient and environmentally friendly energy solutions to use in society in general Balance sheet 2008 2007 Intangible assets 0.0 0.0 Enova’s main purpose is to further an environ- Tangible fixed assets 0.1 0.2 mentally friendly restructuring of energy use and Important events Financial fixed assets 0.0 0.0 production. In this connection, Enova is Enova presented its result report for 2008 in Total fixed assets 0.1 0.2 Current assets 29.2 23.4 responsible for managing the resources in the February 2009. Enova reported total contractual Total assets 29.2 23.6 Energy Fund. energy results of 11.6 TWh for the period 2001 to 2008. The target is 18 TWh by the end of Subscribed equity 5.0 5.0 This responsibility has been assigned to Enova 2011. Retained/ other equity 13.0 4.9 Total equity 18.0 9.9 under a long-term agreement between the Provisions for liabilities and charges 0.0 0.0 Ministry of Petroleum and Energy and Enova. Economic development Long-term liabilities 0.0 0.0 This agreement stipulates the objectives for The annual budget limit for the operation of Current interest-bearing liabilities 0.0 0.0 Current interest-free liabilities 11.2 13.7 Enova’s activities. Enova is stipulated by the Ministry of Petroleum Total liabilities 11.2 13.7 and Energy and covered by the Energy Fund. Total equity and liabilities 29.2 23.6 Enova’s management of the assets from the The company does not generate any income Key figures 2008 2007 Energy Fund shall contribute to: and no dividend is therefore set for Enova. Contractual energy profit (TWh) ) 11.6 10.1 • More efficient energy use Enova is not tax liable. NOK 5 million was • Increased use of other energy carriers than injected into the company as share capital upon Additional Information 2008 2007 Number of employees 44 44 electricity and oil for heating the establishment of Enova SF. In 2008, the Percentage employees in Norway 100 % 100 % • Increased production from renewable energy administrative framework for Enova was set at The State’s ownership interest at year-end 100 % 100 % sources NOK 75 million. Percentage of women on the board, total 40 % 40 % Percentage of shareholder-elected women on the board 50 % 50 % © Enova SF

_Selskapsomtale_eng_ombr.indd 70 02-07-09 11:25:21 _Selskapsomtale_eng_ombr.indd 71 investments inthetransportsystem. returnonthe which yieldareasonable transporttariffs which wanttotransportgaspay noearningsinGassco.therefore Companies theircostandrisk,venture at andthereare activities onbehalfofthepartnersinjoint Shelf.gas ontheNorwegian Gasscocarriesout venture consistingofcompanieswhichproduce ajoint The transportsystemisownedby transport system. in thegas capacity also includeallocating Shelf.gas fromtheNorwegian Gassco’s tasks transportandprocessingof infrastructure for thecontinueddevelopmentof processes for ment ofgastransportsystemsandcoordinates roleinthefurtherdevelop- Gassco hasakey ofthegasresources. utilisation efficient Shelfandcontributetoanoverall the Norwegian allgasproducers on processing facilitiesserve systems. gas Gaspipelinesandrelated anddevelopmentofgastransport operation gas processingfacilities. This includesthe ofgaspipelinesandtransport-related operator of PetroleumandEnergy. isthe The company theMinistry by managed company owned state Gassco in2001asawholly AS wasestablished Chair oftheboard: CEO INTERNET: TELPHON: ADDRESS: Gassco AS : BrianBjordal P.O. Box93, 5501Haugesund www.gassco.no +4752812500 BritKristinSæbøRugland and Mongstad. Auditor: Members oftheboard: of CO transportandstorage solution intheconceptfor toatransport relating of PetroleumandEnergy toGassnovaandtheMinistry recommendation In December2008, Gasscosubmittedits Denmark. (Grenland),Norway Western Swedenand potential gaspipelinefromKårstøtoEastern Gassco hasledtheSkanledproject, toa relating 2017-2018. before landinglocations attractive themost marketat saleintheprimary for capacity thereislittleavailable rounds indicate were heldin2008. The resultsofthebooking Two inGassled capacity bookingrounds for cent. of99.78per availability achieved atotaldelivery terminals inEurope2008. The transportgrid Shelftolanding exported fromtheNorwegian 94.6 billionstandardcubicmetresofgaswas Important events theendof2008. employees at municipality. 300 hadabout The company BygnesinKarmøy at Gassco islocated Asbjørn Eik-Nes* Leif-Idar Langelandsvik*, MarianneHirzel*, Krokeide,Elisabeth MimiBerdal, SverreQuale, 2 from planned capture facilities at Kårstø facilitiesat fromplannedcapture Deloitte AS 71 Trygve Refvem,

© Gassco Operating investments Gassco operatorship investmentsGasscooperatorship Operating incomeGasscooperatorship Operating Tariff incomeGasscooperatorship Kårstø Ships arrivingat Largest delivery per24hrs(millionSm Largest delivery womenontheboard ofshareholder-electedPercentage Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Tax costs Profit before tax Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St Percentage ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat Percentage employees in Norway employeesinNorway Percentage Number ofemployees Additional Information CO2 Value chainstudies Tilskudd frastaten/offentligekjøp inEurope(billionSm Gas transportedtolandingterminals Regularity Key figures Change cashandliquidassets Financing activities Investment activities activities Operational Cash flow (Ministry ofPetroleumandEnergy) (Ministry Profit aftertax a te ownership: 3 THE STATE’S OWNERSHIPREPORT 2008 100percent ) 3 ) 99.8 % 26 616 100 % 3 466 5 205 357.1 343.1 249.1 357.1 201.1 156.0 2008 2008 2008 2008 2008 2008 -29.5 50 % 50 % 62 % 45.9 43.8 14.0 10.0 80.4 75.0 24.0 62.1 92.9 -1.3 699 332 317 4.4 4.0 0.7 0.2 0.6 0.6 0.0 0.0 0.0 0.4 95 99.7 % 26 416 100 % 2 321 4 101 362.1 348.5 304.0 362.1 247.7 114.4 2007 2007 2007 2007 2007 2007 -19.2 -30.8 60 % 57 % 62 % 16.9 22.0 13.6 10.0 49.3 65.1 12.9 -1.3 -0.2 755 315 302 5.6 3.6 0.1 0.5 0.5 0.0 0.0 0.0 8.9 0.7 02-07-09 11:25:24 87

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Gassnova SF

ADDRESS: Dokkvegen 10, 3920 Porsgrunn Chair of the board: Johan Nic. Vold State ownership: 100 per cent TELEPHONE: +47 40 00 59 08 Members of the board: Hilde Tonne, (Ministry of Petroleum and Energy) INTERNET: www.gassnova.no Endre Skjørestad, Bjørn Sund, Gro Bakstad CEO: Bjørn-Erik Haugan Auditor: Deloitte AS CO M P A N I E S The decision to establish Gassnova SF through to Gassnova SF. Through 2008, the company Income statement (MNOK) 2008 2007 the conversion of the management body has built an operating organisation which has Operating income 53.4 5.4 Operating costs 37.7 5.7 Gassnova was made by Royal Decree on 29 grown from one to 24 employees. At the end of Operating profit/loss 15.6 -0.3 June 2007, and the enterprise was established 2008, Gassnova SF manages the State’s Net financial items 2.3 0.3 by the Ministry of Petroleum and Energy on 3 interests in the following CO handling projects: Profit before tax 18.0 0.0 2 Tax costs 0.0 0.0 July 2007. The enterprise is subject to the Profit after tax 18.0 0.0

Ministry of Petroleum and Energy which • Technology centre for CO2 handling at represents the owner, the Norwegian State. Mongstad (TCM) Balance sheet 2008 2007 Intangible assets 0.0 0.0 • Full-scale CO2 handling at Kårstø Tangible fixed assets 1.4 0.5 Gassnova SF’s objective is to manage the • Transport and storage of CO2 from Mongstad Financial fixed assets 0.0 0.0 State’s interests in connection with CO2 and Kårstø Total fixed assets 1.4 0.5 Current assets 44.7 40.2 handling, including CO2 capture, transport, Total assets 46.2 40.7 injection and storage. This activity includes In 2008, the European Free Trade Association’s technology development through the CLIMIT surveillance authority, ESA, allowed the CLIMIT Subscribed equity 10.0 10.0 program, realisation of development projects program to support research, development and Retained/ other equity 18.0 0.0 Total equity 28.0 10.0 and providing advice to the Ministry of demonstration of technology for CO2 handling in Provisions for liabilities and charges 0.0 0.0 Petroleum and Energy. connection with power production from all types Long-term liabilities 0.0 0.0 of fossil fuels. Previously, this program had been Current interest-bearing liabilities 0.0 0.0 Current interest-free liabilities 18.2 30.7 The CLIMIT program is the Norwegian national limited to technology for CO2 handling from gas Total liabilities 18.2 30.7 program for research, development and power. Total equity and liabilities 46.2 40.7 demonstration of technology for handling CO 2 Values in and out of the company 2008 2007 from power production. The program is adminis- Economic development Allocated dividend 0 0 trated by Gassnova SF in collaboration with the The annual budget framework for the operation Capital injection from the State 0 10 Research Council of Norway. The responsibility for of Gassnova SF is allocated in the State’s fiscal Subsidies from the State 2008 2007 the research projects rests with the Research budget. In 2008, NOK 48.5 million was Operating subsidies 48.5 33 Council, while Gassnova is responsible for the transferred to Gassnova SF to cover costs prototype and demonstration projects. incurred in connection with the operation of the Additional Information 2008 2007 Number of employees 24 1 enterprise. The company does not generate any Percentage employees in Norway 100 % 100 % Gassnova SF is located in Porsgrunn. own income except from assignments given by The State’s ownership interest at year-end 100 % 100 % the State, and no dividend is therefore set from Percentage of women on the board, total 40 % 40 % Gassnova. Percentage of shareholder-elected Important events women on the board 40 % 40 % As of 1 January 2008, all activities in the management body Gassnova were transferred © iStockphoto

_Selskapsomtale_eng_ombr.indd 72 02-07-09 11:25:26 _Selskapsomtale_eng_ombr.indd 73 trends. emphasisesthesectors The strategy willhandlethese describe howthecompany and Norway Innovation trends whichaffect June 2008. important incorporates The strategy Norway’s theboardin profilewasadoptedby tofurtherrefineInnovation The strategy companies. assisting Norwegian withimprovedopportunitiesfor Norway framework. These fundsprovideInnovation Norway’sexpanded Innovation financial in2008and2009significantly packages all overNorway. The Government’s stimulus from companies Norway directed toInnovation in thenumberofinquiriesandapplications works.Norway This hasresultedinanincrease ofthecompanieswithwhichInnovation many challenges, uncertaintyandfailingmarketsfor The financialunresthascaused Important events throughout Norway. andinnovation increased valuecreation the publicsector’s toolboxtocontribute to and consultancy. ispartof Norway Innovation financing, competence, promotion, networks inthefieldsof services offers company in additiontotheheadquartersOslo. The offices, in24countries, aswellfieldoffices has22districtandlocal Norway Innovation andpromotion. internationalisation and districtsthroughcontributingtoinnovation, theindustrialpotentialofvariousregions trigger and industrial developmentalloverNorway profitable andsocially promote commercially and Industry. isto The purposeofthecompany of theMinistry 2004andisownedby Tradeary Innovation Norway Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: Norway Innovation GunnOvesen P.O. Box448Sentrum, 0104Oslo www.innovasjonnorge.no +47 220025 Kjell A. Storeide was established was on established 1 Janu- Abrahamsen* Grethe Hindersland, Hagen*, Egil Randi Flåthen, KirstiSaxi, HaraldMilli, Eva Toril Strand, Sveen, SiriByeG. Johansen, Arild Øien, Roar Members oftheboard: respectively. todividend, been allocated 0.9 millionhave and EasternEurope, NOK2.8millionand From theinvestmentfundsNorth-West Russia fromthelowriskloanscheme.been allocated ofNOK22.2millionhas A dividendtotheState fundsamounttoNOK95million.seed money markets. Lossesonloans, guaranteesandthe inthe financial thesituation million reflects Innovasjon Norge’s annualdeficitofNOK 7 Investinor income fromthesubsidiary AS. profit isinitsentiretytheresultoffinancial annual profitofNOK118millionin2008. The achievedan group Norway The Innovation Economic development chocolate. ecological JohannesDøderleinandhis100percent by aired inthespringof2009. The showwaswon the (the creator),TV showSkaperen whichwas intherecordingofseasonthree participated In thesecondhalfof2008, Norway Innovation phase. growth investincompaniesanearly primarily andshall NOK 2.2billionininvestmentcapital started itsinvestmentactivities. Investinorhas 2009andhasnow on6February operations employees. started officially The company in placeon1 August andstartedrecruiting Norway. ofInnovation a subsidiary The CEOwas skap AS, 2008as on21February wasfounded Investinor AS, Investeringssel- Statens formerly industry, oilandgastourism. events, agriculture, marineandmaritime andenvironment,energy health, ICT, cultureand 73 Eli Blakstad, Elin Tveit

Photo: Siv Nærø/Innovation Norway (Ministry of (Ministry Trade andIndustry) Transfers totheState Profit forthefiscal year Net losses andguarantees Operating profitbefore lossonlending Total allocatedamount Transferred to/fromfundsandequity 2 1 Other assets womenontheboard ofshareholder-electedPercentage Tangible fixedassets Securities Net lending Bank deposits Balance sheet Tax costs Net financialitems Operating costs Sum Operating income income Other operating Recognised grants Resultatregnskap * EMPLOYEE-ELECTED St Auditor: Total ofwomenontheboard percentage The State’s year-end ownershipinterestat Change cashandliquidassets Percentage employees in Norway employeesinNorway Percentage Number ofemployees Additional Information Financing activities Investment activities activities Operational Cash flow Total equityandliabilities Total equity Retained earnings Subscribed equity Total liabilities Total loanandinvestmentfund andcharges liabilities Other provisionsfor Other debtsandcommitments Net bondloandebt Funding fromtheState Total assets a Investinor AS. parent company. tothewhole totheCEOapply andremuneration remuneration women ontheboard, theauditor’s fee, totalboard thegroup. 2008 arefor for and cashflow The numberof In 2007, wasnotagroup, Norway Innovation buttheaccounts te ownership: 2

KPMG AS 1 THE STATE’S OWNERSHIPREPORT 2008 (MNOK) 100 percent 11 815 19 281 18 277 19 281 -2 405 100 % 1238 1199 2 370 4 663 2 353 1 004 4 233 3 674 9 815 2008 2008 2008 2008 60 % 58 % 74 % 118 212 118 300 315 883 278 746 330 348 656 555 300 48 27 95 91 89 44 0 11 530 16 333 15 461 16 333 100 % 1160 1026 4 386 2 064 3 722 9 177 2007 2007 2007 2007 56 % 55 % 74 % 209 223 804 329 277 730 872 216 656 498 293 100 -17 74 76 38 74 36 02-07-09 11:25:28 23 69 – 2 0 0

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Itas amb AS

ADDRESS: Økern Næringspark, Risløkkveien 2, Chair of the board: Sissel Ose Pedersen State ownership: 53,4 per cent 0580 Oslo Members of the board: Ellen C. Bjercke, Olav (Ministry of Justice and the Police 46.1 per TELEPHONE: +47 23 37 17 00 Råmunddal, Harald T. Ellefsen, Birgit Skage, cent. The Ministry of Labour and Social Inclusion INTERNET: www.itasamb.no Arne Wiggo Jenssen 7.3 per cent) CEO: Arne Smith Auditor: Åsvang & Co CO M P A N I E S Itas amb AS is a rehabilitation enterprise Administration) Oslo which has led to high Income statement (MNOK) 2008 2007 established in 1966. The company has a regular capacity utilisation in all areas. Operating income 51.0 49.7 Operating costs 41.8 42.1 staff of 30 employees and about 260 occupa- Operating profit/loss 9.2 7.6 tionally disabled jobseekers participating in The company has entered into agreements with Net financial items 1.0 0.2 rehabilitation measures. The purpose of Itas’ major wholesalers for the delivery of its fire Profit before tax 10.1 7.8 Tax costs 0.0 0.0 activities is to offer persons of working age, who fighting units. Profit after tax 10.1 7.8 are not participating in the job market, clarification, facilitation and transition to a Undervisningsbygg KF has entered into an Balance sheet 2008 2007 Intangible assets 0.0 0.0 regular job. agreement to buy the property where the Tangible fixed assets 5.0 2.1 company has its premises. Risløkka compe- Financial fixed assets 0.0 0.0 The company’s vision has been formulated as tence centre for vocational subjects will be built Total fixed assets 5.0 2.1 Current assets 28.6 18.6 follows: “Working towards a job in an inclusive on the property. The selling party is Aspelin- Total assets 33.6 20.8 society.” Ramm AS and Obos Forretningsbygg. As a result of the agreement, Itas will have to move Subscribed equity 0.7 0.7 Important events in 2009. Retained/ other equity 23.4 13.2 Total equity 24.0 13.9 A decision has been made to divest these Provisions for liabilities and charges 0.0 0.0 assets, and this work has been under way Economic development Long-term liabilities 0.0 0.0 throughout 2008 and is expected to be The company achieved a profit of NOK 10.1 mil- Current interest-bearing liabilities 0.0 0.0 Current interest-free liabilities 9.5 6.9 completed in the first half of 2009, cf. Storting lion in 2008, compared with NOK 7.8 million in Total liabilities 9.5 6.9 Proposition No. 20 (2005-2006), Recommenda- the preceding year. The result is considered to Total equity and liabilities 33.6 20.8 tion to the Storting No. 47 (2005-2006). be very satisfactory. The funds will be used to Key figures 2008 2007 build new training facilities for persons with Capital employed 24.0 13.9 In 2008, the company gained authorisation from reduced working ability. EBITDA 11.1 8.7 NAV (the Norwegian Labour and Welfare EBIT 10.2 7.9 Equity ratio 72 % 67 % Return on equity 53 % 78 % Average return on equity last 5 years 27 % Return on capital employed 54 % 79 %

Dividend 2008 2007 Allocated dividend 0 0 Average dividend percentage last 5 years 0 %

Additional Information 2008 2007 Number of employees 32 31 Percentage employees in Norway 100% 100% The State’s ownership interest at year-end 53.4% 53.4% Percentage of women on the board, total 50% 50% Percentage of shareholder-elected women on the board 33% 33% © Itas amb AS © Itas amb

_Selskapsomtale_eng_ombr.indd 74 02-07-09 11:25:28 _Selskapsomtale_eng_ombr.indd 75 Kings Bay Kings Bay AS for thethirdtime,for withthe topic “Global climate In 2008, theNy-ÅlesundSymposiumwasheld from theCivil Aviation Authority in2008. inaccordancewithrequirements upgrading The airportunderwentimprovementsand Important events science researchonSvalbard. Ny-Ålesund develops as a centre for natural ownership in Kings Bay AS is to ensure that full-time equivalents. The purposeoftheState’s company’s 25 employeescompriseabout into climate and environment-related issues. The research centrefor profile andaninternational research station with an advanced environmental monitoring. Ny-Ålesund has developed into a base for international research and environmental Ny-Ålesund’s emerging as a good and functional resultedin Ny-Ålesund inrecentyearshave summer season. The investmentsmadein other vessels arrive for the day during the activities, whenlargecruiseshipsand especially company also provides some services for tourist projects in the area around Ny-Ålesund. The year, 20countrieswith research thereareabout serving and water and electricity supply. Every transport, workshopservices, billeting, food emergency preparedness, marineservices, air Ny-Ålesund on Svalbard. The operations include theinfrastructurein Kings Bayisresponsiblefor CEO: INTERNET: TELPHON: ADDRESS: JonErikNygaard 9173Ny-Ålesund www.kingsbay.no +47 79027200 the year. subsidiesbeingtakentoincomefor the State contributedtoNOK178520of fuel costshave Increased airtransportcosts, costsand wage higher increaseincostsisachallenge. a by and resultingincomearemorethanoffset theincreasednumberofresearcherdays that thebalancedannualresult.causes for The fact thefinancialitemsaremain means that NOK 3461. However, deficit theoperating showsanannualprofitof income statement fundsfromtheState.shall becoveredby The incurred fromthecompany’s specialobligations costs investments andotherextraordinary accounts,income intheoperating whilemajor Kings Bay AS’ objective istobalancecostsand Economic development 2009. June Ny-Ålesund Symposiumisscheduledfor was, aspreviously, success. agreat The next business executivesparticipated. The event tional scientists, politiciansandhigh-level of research. Inaddition, andinterna- national Sibal, andMrKabil Schavan theIndianminister Dr herGermancolleague nied by Annette and HigherEducation Tora Aasland, accompa- the symposiumwasMinisterofResearch change andresearchchallenges”. The hostof Auditor: Members oftheboard: Chair oftheboard: Refsnes, PålPresterud, Murud Egil Ishavsbyen Revisjon Ishavsbyen AS KnutM. Ore 75 Ann-Kristin Olsen, Karin

Photo: Terje Tellefsen (Ministry of (Ministry Trade andIndustry) Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Profit aftertax Tax costs Profit before tax Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) St womenontheboard ofshareholder-electedPercentage Percentage ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat employeesinNorway Percentage Number ofemployees Additional Information Transferred tonextyear Transmitted frompreviously Investments Application ofsubsidies Total subsidiestoKingsBay AS Subsidies transferredtoBjørnøen AS Other subsidiestoinvestments andinvestments subsidytooperations General state Subsidies fromtheState activities Operational Cash flow Investment activities Change cashandliquidassets Financing activities Total applicationofsubsidies duringtheyear statement Subsidies recognisedintheincome a te ownership: THE STATE’S OWNERSHIPREPORT 2008 100 percent 100 % 100 % 2008 2008 2008 2008 2008 40 % 40 % 22.2 13.8 13.8 22.2 22.1 47.0 45.7 11.2 28.7 24.8 25.0 24.8 -1.2 -3.4 -0.2 -3.4 0.0 0.0 0.0 8.4 1.4 7.0 0.1 0.0 0.0 0.1 0.0 0.0 0.0 1.3 7.1 0.0 0.0 0.0 0.2 25

100 % 100 % 2007 2007 2007 2007 2007 40 % 40 % 25.1 16.7 16.7 25.1 25.0 40.0 40.7 14.9 15.0 18.5 11.2 -0.1 0.0 0.0 0.0 8.4 1.4 7.0 0.1 0.0 0.0 0.1 1.0 0.1 1.1 0.4 0.8 3.7 7.4 0.0 9.6 0.0 9.6 0.0 0.0 02-07-09 11:25:30 25

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Kompetansesenter for IT i helse- og sosialsektoren AS

ADDRESS: Sukkerhuset, 7489 Trondheim Members of the board: Kristin Bang, Elisabeth State ownership: 80.5 per cent TELEPHONE: +47 73 59 86 00 Sunde, Hans-Petter Krogsrud, Ruth Astrid Mule, (Ministry of Health and Care Services INTERNET: www.kith.no Bjørn Nilsen, Grete Bach* 70 per cent, the Ministry of Labour and Social CEO: Tom Christensen Auditor: Ernst & Young AS Inclusion 10.5 per cent) Chair of the board: Evy-Anni Evensen * EMPLOYEE-ELECTED CO M P A N I E S KITH AS (Kompetansesenter for IT i helse- og National strategy for electronic interaction in the Income statement (MNOK) 2008 2007 sosialsektoren AS – Competence centre for IT in health and care sector 2008-2013), including Operating income 30.7 29.2 Operating costs 29.7 29.3 the health and social services sector AS) was areas such as increased electronic interaction Operating profit/loss 1.0 -0.2 established in 1990, owned by the public sector (“Meldingsløftet” - the message effort) and Net financial items 0.6 0.3 and KS (the Norwegian Association of Local and eResept (ePrescription). KITH’s certification Profit before tax 1.6 0.2 Tax costs 0.0 0.0 Regional Authorities). The company’s purpose is scheme for electronic messages is now fully Profit after tax 1.6 0.2 to contribute to coordinated IT development in operational, and at the end of 2008, 95 message the health and social services sector. The implementations had been approved and a Balance sheet 2008 2007 Intangible assets 0.0 0.0 company’s vision is for ICT to increase the further 24 were undergoing testing. Tangible fixed assets 0.7 0.8 efficiency of the services provided, and the idea Financial fixed assets 3.3 1.7 behind the enterprise is that KITH shall further KITH has assisted the health authorities in Total fixed assets 4.0 2.6 Current assets 15.9 14.2 standardised and coordinated implementation of developing new classification systems Total assets 19.9 16.8 ICT in the health and social services sector. The necessary to classify patient groups not covered assets of the company consist of competence, by the present solution, including primary Subscribed equity 6.0 6.0 independence and implementation ability, and coding systems for habilitation, rehabilitation, Retained/ other equity 6.5 4.9 Total equity 12.5 10.9 the main objective is increased electronic substance abuse and psychiatric services Provisions for liabilities and charges 0.0 0.0 interaction between service providers in the (HRRP) and a new radiology examination coding Long-term liabilities 0.0 0.0 health and social services sector. system which could form the basis for new/ Current interest-bearing liabilities 0.0 0.0 Current interest-free liabilities 7.4 5.9 improved financing schemes for the specialist Total liabilities 7.4 5.9 KITH’s main focus has always been on creating health service. Total equity and liabilities 19.9 16.8 and implementing standards which facilitate Key figures 2008 2007 electronic interaction. The main work areas are: The HelsIT conference was held, in collaboration Capital employed 12.5 10.9 with NTNU, for the sixth time, gathering 400 EBITDA 2.2 0.8 • Coding systems, classifications and participants and emerging as an important EBIT 1.7 0.2 terminology national meeting place. Equity ratio 63 % 65 % Return on equity 14 % 2 % • Electronic communication Average return on equity last 5 years 8 % • Electronic medical records (EPJ) and other In 2008, KITH became a member of two Return on capital employed 14 % 2 % treatment-oriented information systems EU-financed networks: CALLIOPE (Call for Dividend 2008 2007 • Information security Interoperability) and EHR-Qtn (Certification of Allocated dividend 0 0 Electronic Health Care Record Systems). Average dividend percentage last 5 years 0 % The work partly takes place in programs Additional Information 2008 2007 financed by the central health and social Number of employees 29 29 services administration, partly on assignment Economic development Percentage employees in Norway 100 100 from the various players in the sector. The company’s economy is healthy. With only a The State’s ownership interest at year-end 80.5 % 80.5 % Percentage of women on the board, total 71 % 86 % few exceptions, the company has made a profit Percentage of shareholder-elected Important events every year since it was established. The women on the board 57 % 83 % KITH plays a key role in “Samspill 2.0 – Nasjonal company has no long-term debt and a healthy strategi for elektronisk samhandling i helse og equity situation. omsorgssektoren 2008-13” (Interaction 2.0 – From “Joint supplier test at KITH of electronic interaction”. “Joint supplier test at KITH of electronic interaction”. From KITH Photo:

_Selskapsomtale_eng_ombr.indd 76 02-07-09 11:25:32 _Selskapsomtale_eng_ombr.indd 77 Norfund profit of NOK 422 million (against NOK202mil profit ofNOK422million(against Norfund haditsbestresulteverin2008, witha Economic development 2008, of whichhalfwerewomen. companies whereNorfundhadinvestmentsin About 250000peoplewereemployedin retained itsfundinvestmentsinthecompany. company management Aureos Capital, but SN Power. Norfundwithdrewfromtheasset Africa andCentral America andthesell-downin to dedicated company ment ofanewenergy investors, Norwegian with private theestablish- (NMI)incollaboration Norsk mikrofinansinitiativ ofthecompany year includetheestablishment developed countries(MUL). The highlightsofthe investments in2008weretheleast of theSahara. A totalof43percentthenew on has becomeevenmorefocused Africa south line withthecompany’s strategy, theportfolio NOK1.4billion. for investment agreements In In 2008, was increasedfurtherwith theportfolio Important events amounted toNOK4.8billion. 2008, Norfund’s contractualinvestments and zerocorruptiontolerance. At theendof social responsibility standardsfor international America. on The activities arefounded as wellsomecountriesin Asia andLatin is focus geographic Africa southoftheSahara SMBfunds.well aslocalandregional The as andagriculture partnerships incleanenergy microfinancing andSMBbanks, industrial in poorcountries. Norfund’s areasinclude focus poverty andsupportingeconomicdevelopment and technology, Norfundcontributestoreducing enterprisesandtransferofknowledge profitable development policy. Through investmentsin asaninstrumentinNorwegian Norfund serves CEO: INTERNET: TELPHON: ADDRESS: Kjell Roland P.O. Box1280 Vika, 0111Oslo www.norfund.no +47220193 - effect on the developing nations in2009. onthedeveloping nations effect indirect considerable financial crisiswillhave thecrisis. by affected directly However, the notvery financial marketandaretherefore intheglobal integrated fund investsarenotvery thecountriesinwhich due tothefactthat onNorfund’seffect investmentsin2008. This is modest The financialcrisishashadarelatively NOK 3580million(NOK2930in2007). Net disbursementstoinvestmentstotalled NOK 5302million(NOK3919in2007). Power’s equity. Norfund’s equityamountedto andincreasedbookvalueofSN operations theowner,million paidinby profitfromthe 2007). NOK485 The increase iscausedby was NOK5349million(NOK4032in Norfund’s year-end balancesheettotalat 2008 downs intheinvestmentcurrencies. thewrite- morethanoffsets currency effect currencies Norfundhasinvestedin. The NOK becameweakercomparedwiththe the thefactthat by influenced extent positively Power AS. Norfund’s accountsaretoagreat therestructuringofownershipSN for 14percent,by duetoexternalassistance partly adjustments to loans and write-downs increased Norfund’s currency costsbefore operating Power AS. tocontributioninkindSN settlement relating receivedas income NOK80millionpreviously Norfund,issued by aswelltherecording and positivecurrencyadjustmentstoloans increased interestincome, realisedsalesgains (NOK 85millionin2007), This isdueto lion in2007). The incomewasNOK271million Members oftheboard: Chair oftheboard: Holen Mari Skjærstad, Stein Tønnesson, Borghild KristinClemet 77 Karl-Christian Agerup, (Ministry ofForeign (Ministry Affairs) Current interest-free liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities Provisions for liabilities andcharges liabilities Provisions for Total equity womenontheboard ofshareholder-electedPercentage Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Operating profit/loss costs Operating income Operating Income statement(MNOK) St Auditor: Percentage ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat Percentage employees in Norway employeesinNorway Percentage Number ofemployees Additional Information injectionfromtheState Capital Average last5years dividendpercentage dividend Allocated Values inandoutofthecompany Subsidies toprofessionalinvestmentassistance purchases Subsidies fromthestate/public Investment activities activities Operational Cash flow Total liabilities Profit aftertax Tax costs Profit before tax Net financialitems Change cashandliquidassets Financing activities Total equityandliabilities a te ownership: Horwath THE STATE’S OWNERSHIPREPORT 2008 100 percent 100 %

5 302 1 237 4 065 5 349 2 506 2 843 2 841 5 349 2008 2008 2008 2008 2008 2008 60 % 60 % 83 % -567 222 271 485 104 422 422 200 497 15 41 73 40 47 34 0 0 6 1 0 0 0 0 -1 381 100 % 3 919 3 580 4 032 1 985 2 047 2 045 4 032 2007 2007 2007 2007 2007 2007 60 % 60 % 86 % -840 339 485 107 202 202 216 484 113 -14 02-07-09 11:25:35 64 85 35 57 8 0 0 6 2 0 0 0 0

Norsk Eiendomsinformasjon AS

ADDRESS: Haakon VIIs gt. 2, 0117 Oslo Members of the board: Tore V. Knudsen, State ownership: 100 per cent TELEPHONE: 23 11 39 30 Ingeborg Moen Borgerud, Ingvild Myhre, (Ministry of Justice and the Police) INTERNET: www.eiendomsinfo.no Anne-Karin Sogn, Geir Vidar Mørner, *Anny CEO: Per Chr. Selmer Margrethe Bratterud Chair of the board: Erik Keiserud Auditor: KPMG AS * EMPLOYEE-ELECTED CO M P A N I E S Norsk Eiendomsinformasjon AS (NE) was EULIS, but will, together with Iceland, withdraw Income statement (MNOK) 2008 2007 established in 1987. The company was from the EULIS partnership on 1 July 2009. The Operating income 224 218 Operating costs 209 198 originally owned by Statens datasentral AS and eight countries which make up EULIS from 1 July Operating profit/loss 16 21 AL Kommunedata. In 1992, the company was 2009 will then be: England and Wales, Scotland, Net financial items 3 2 taken over by the Ministry of Justice and the the Netherlands, Sweden, Austria, Finland, Profit before tax 19 23 Tax costs 5 7 Police and NE has since been a wholly Lithuania and Ireland. Profit after tax 13 16 state-owned limited company. Important events Balance sheet 2008 2007 Intangible assets 1 1 NE’s purpose is to operate and further develop In 2008, NE modernised the company’s IT Tangible fixed assets 16 14 Eiendomsregisteret (the property register, abb. operations and made them more efficient. The Financial fixed assets 6 5 EDR) and other activities in this connection. The upgrade of NE’s main data room in Bergen was Total fixed assets 23 19 Current assets 91 94 company shall carry out tasks of importance to completed with new and more secure electricity Total assets 114 113 society in general to secure the operation, supply, cooling, as well as a new data floor and maintenance and systems development of the a number of other security measures. Subscribed equity 6 6 registration systems and Grunnboken (the Retained/ other equity 43 40 Total equity 49 46 property register). The company had 67 In 2008, NE has used resources to prepare for Provisions for liabilities and charges 4 3 employees at the end of 2008. the conversion which will come when EDR starts Long-term liabilities 0 0 to collect data from the new Matrikkelen (land Current interest-bearing liabilities 0 0 Current interest-free liabilities 61 64 In accordance with agreements with the register) which will replace the GAB register in Total liabilities 65 67 Ministry of Justice and the Police and the 2009. NE has also assisted in data conversion Total equity and liabilities 114 113 Ministry of the Environment, represented by the from GAB to Matrikkelen. Cash flow 2008 2007 Norwegian Mapping Authority, NE has the right Operational activities 27 34 and duty to distribute information from NE has, on assignment from the Ministry of Investment activities -10 -8 Grunnboken and Grunneiendoms-, Adresse- og Justice and the Police, further developed the Financing activities -13 -7 Change cash and liquid assets 5 18 Bygningsregisteret (the landed property, address registration system Regin@. In this connection, and building register, abb. GAB). The company NE has also implemented a pilot project for Key figures 2008 2007 has also taken over the distribution of basic submitting electronic documents in connection Capital employed 49 46 map information from the Norwegian Mapping with official registration of land in cooperation EBITDA 27 31 EBIT 19 23 Authority. Infoland® is NE’s web outlet and has with the Norwegian Mapping Authority and DnB Equity ratio 43 % 41 % associated systems for counting, authorisation NOR ASA. Return on equity 28 % 35 % and invoicing. The system also provides the Average return on equity last 5 years 29 % Return on capital employed 40 % 51 % option of direct orders from municipalities, Economic development housing cooperatives and other information In 2008, NE had a turnover of NOK 224 million, Dividend 2008 2007 suppliers in addition to making inquiries in EDR. up 2.7 per cent from 2007. The operating profit Allocated dividend 11 13 Average dividend percentage last 5 years 80 % for 2008 was NOK 18.9 million, and the profit Dividend to the State 11 13 NE is presently one of ten partners in EULIS after tax was NOK 13.4 million. As of 31 (European Land Information Service), where NE is December 2008, NE had an equity ratio of Additional Information 2008 2007 Number of employees 67 68 responsible for the operation and development of 43 per cent. NE’s board has proposed the Percentage employees in Norway 100 % 100 % the technological solution. EULIS provides users disbursement of 80 per cent of the profit for The State’s ownership interest at year-end 100 % 100 % with easy access to property information across 2008 after tax as dividend. Percentage of women on the board, total 57 % 57 % Percentage of shareholder-elected national boundaries. NE will continue to operate women on the board 60 % 60 % Photographer: Elisabeth Einang Prestegard Photographer:

_Selskapsomtale_eng_ombr.indd 78 02-07-09 11:25:37 _Selskapsomtale_eng_ombr.indd 79 broadcasts. NRK’s distributionmethodfor primary TV of analoguebroadcastsin2009, takeoveras terrestrial networkwill, thecessation following inNovember2008.coverage The digital 1 September2007, andallcountieshad terrestrial The digital TV networkopenedupon Important events public broadcaster. Nine outoftenbelieveNRKfulfilsitsroleasa inthegeneral public. andreputation ratings production ofowncontent, bothasregards and NRK isaclearleaderinnewscoverage locations. spondents inanumberofinternational represented alloverNorway, andhascorre- development ofnew, interactiveservices. NRKis started in1960, seenthe andrecentyearshave broadcasts. Television broadcastsofficially aroundradio the activitieswerefocused in1933.NRK wasestablished Untilthe1950s, in interactivemedia. distributing publicbroadcastingon TV, radioand NRK’s coreactivitiesareproducingand and culturalvaluesinsociety. furtheringdemocratic,responsibility for social important roleinsociety. NRKhasaspecial requirements, an isbasedonNRKhaving the licencefinancingandprogram involvement inNRK, includingtheownership, cultural Norwegian and media policy. The State’s elementin Public broadcastingisakey Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: Norsk Rikskringkasting AS Hans-Tore Bjerkaas www.nrk.no 0340 Oslo +4723047000 Hallvard Bakke Auditor: Members oftheboard: to the program activities in2008. to theprogram results from Aktivum contributedNOK80million ownedsubsidiary,wholly NRK Aktivum AS. The NRK’s commercial activities are organised in a licence feestilldonotpay. holds whichareassumedtobesubjectthe number ever. About 10percentofthehouse- were 1 865 000 licence payers, the highest 95 per cent of NRK’s income. At year-end, there about The broadcastlicencefeeaccountsfor achieve abalancebetweencostsandincome. pension costs, again andNRKwilltherefore theincrease in NRKfor 2009 compensates ofthebroadcastlicencefeefor The stipulation higherthanexpectedlicenceincome.somewhat budgeted asaresultofgoodcostcontroland of NOK80million. The resultwasbetterthan increased pension costs. NRK’s result was a deficit with doubledistributionof TV broadcastsand million in2008, asaresultofcostsinconnection balance. NRKbudgetedadeficitofNOK125 2007. Overtime, NRKshallachievebudget of NOK4316million, upNOK270millionfrom In 2008, hadaturnover NRK(theparentcompany) Economic development one division. in activitiesinOslowillbegathered program Radio, willbeledfrom Trondheim, andthe outside ofOslo, withtheexceptionofSami activities theprogram The changesentailthat under the thepublic”“One NRKfor objective. beenimplemented changeshave Organisational Avlund*, PerRavnaas* Karin Julsrud, SteinarB. Aanesland*, Sidsel Haugland, StigHerbern, KåreLilleholt, Sif Vik, PricewaterhouseCoopers PricewaterhouseCoopers AS 79 Valgerd Svarstad

Photo: Anne Liv Ekroll, NRK Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St womenontheboard ofshareholder-electedPercentage employed Return oncapital Average returnonequitylast5years Return onequity Change cashandliquidassets Percentage ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat employeesinNorway Percentage Number ofemployees Additional Information Average last5years dividendpercentage dividend Allocated Dividend etc filmarchive digital ofEducation,The Directorate purchases Subsidies fromthestate/public Equity ratio EBIT EBITDA employed Capital Key figures Financing activities Investment activities activities Operational Cash flow (Ministry ofCultureandChurch (Ministry Affairs) Total oflicensefeetotalincome percentage Profit aftertax Tax costs Profit before tax Net financialitems Other KKD License feeperyearhouseholdincl. VAT a te ownership: THE STATE’S OWNERSHIPREPORT 2008 100percent 99.7 % 100 % -11 % 3 117 1 962 1 155 1 000 3 117 1 349 1 769 1 597 4 444 4 351 3 570 1 811 2 202 2008 2008 2008 2008 2008 2008 2008 50 % 44 % 37 % -132 -131 -2 % -4 % -264 94.3 % 0 % 639 656 668 155 171 221 232 -93 -88 -48 -55 -38 0.3 0.3 0 1 0 1

99.7 % 93.3 % 100 % -15 % -11 % 3 189 1 847 1 342 1 000 3 189 1 425 1 764 1 601 4 193 4 009 3 590 2 024 2 104 2007 2007 2007 2007 2007 2007 2007 50 % 44 % 42 % -184 -212 -212 -321 -199 -385 640 682 525 342 162 -28 8.0 0.3 02-07-09 11:25:40 54 65 0 1 0 0 1

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Norsk samfunnsvitenskapelig datatjeneste AS

ADDRESS: 5007 Bergen Members of the board: Knud Knudsen, Inger State ownership: 100 per cent TELEPHONE: +47 55 58 21 17 Njølstad, Lawrence Rose, Anne Skranefjell, Toril (Ministry of Education and Research) INTERNET: www.nsd.uib.no Aalberg, Atle Jåstad*, Alette Mykkeltvedt* CEO: Bjørn Henrichsen Auditor: Inter Revisjon AS Chair of the board: Bernt Aardal * EMPLOYEE-ELECTED CO M P A N I E S Norsk samfunnsvitenskapelig datatjeneste Personal Health Data Filing System Act. Income statement (MNOK) 2008 2007 (NSD) was established in 1971 as a national Operating income 39.2 37.2 AS Operating costs 38.7 36.0 research infrastructure under the Research Important events Operating profit/loss 0.3 1.2 Council of Norway. The institution was established There has been a strong increase in the use of Net financial items 2.4 0.8 as a limited company owned by the Ministry of NSD’s services. NSD’s users are mainly from Profit before tax 2.7 2.0 Tax costs 0.0 0.0 Education and Research on 1 January 2003. the social sciences, but there is an increasing Profit after tax 2.7 2.0 interest from other subject areas, especially The main purpose of NSD is to manage data medicine and health-related subjects. Balance sheet 2008 2007 Intangible assets 0.0 0.0 and provide services to the research sector. This Tangible fixed assets 1.2 0.6 has been emphasised by the Ministry in the There are major efforts underway, both Financial fixed assets 1.2 1.3 management of the company and it is reflected internationally and nationally, to establish and Total fixed assets 2.4 1.9 Current assets 35.9 33.8 in both the by-laws and composition of the develop research infrastructure. NSD is a key Total assets 38.3 35.7 board. NSD is one of the world’s largest player in several of these, including two of the research data archives. three social science infrastructure measures Subscribed equity 7.4 7.4 included in the European roadmap for research Retained/ other equity 15.6 13.0 Total equity 23.0 20.3 Through its basic research and project financing, infrastructure submitted by the European Provisions for liabilities and charges 0.0 0.0 the Research Council of Norway plays a key role Strategy Forum on Research Infrastructures Long-term liabilities 0.0 0.0 for both the scope and the quality of the services (ESFRI). Both measures receive financing Current interest-bearing liabilities 0.0 0.0 Current interest-free liabilities 15.3 15.3 offered by NSD. This effort has contributed to the through the EU’s seventh framework program to Total liabilities 15.3 15.0 establishment of a number of joint resources, explore necessary measures and preconditions Total equity and liabilities 38.3 35.7 which have improved the opportunities and for more permanent infrastructures. Key figures 2008 2007 working terms for empirical research. Capital employed 23.0 20.3 Economic development EBITDA 3.0 3.0 NSD is actively engaged in building an NSD’s financing structure is the same as EBIT 2.8 2.7 international data basis for comparative previously. The main grants come from the Equity ratio 60 % 57 % Return on equity 12 % 10 % analyses. Through its commitments in Research Council of Norway, the ministries, the Average return on equity last 5 years 19 % international organisations and through its universities and the university colleges and the Return on capital employed 13 % 14 % binding collaboration in a number of projects, EU. The income is relatively stable and Subsidies from the state/public NSD contributes to building a European and increased by 5.6 per cent from 2007 to 2008. purchases 2008 2007 international infrastructure for social sciences, The profit for 2008 amounted to NOK 2.7 Subsidies from MoC and other min. 9.1 8.6 the humanities and health-related research. The million, against NOK 2.0 million in 2007. Subsidies from RCN 10.8 12.3 Total subsidies 19.9 20.9 collaboration secures access to data and competence for NSD’s user groups in Norway. In 2008, the Research Council of Norway Additional Information 2008 2007 contributed 28 per cent of NSD’s total income. 23 Number of employees 67 67 Percentage employees in Norway 100 % 100 NSD is the protection of privacy ombudsman for per cent came from the ministries or directorates, The State’s ownership interest at year-end 100 % 100 % more than 140 scientific institutions. The basis 27 per cent from other public or private principals Percentage of women on the board, total 50 % 43 % for this arrangement includes the Norwegian Data and 22 per cent from various sales income. Percentage of shareholder-elected women on the board 40 % 33 % Inspectorate’s delegation of responsibility to NSD in accordance with the Personal Data Act and the The company does not disburse any dividend. © NSD

_Selskapsomtale_eng_ombr.indd 80 02-07-09 11:25:41 _Selskapsomtale_eng_ombr.indd 81 launched on1March2009. the This gives games. was rootspercentage The grass measuresintheir implement preventative Norsk gives Tipping auniqueopportunityto card, Flax. exceptthoseplaying The bettingcard Tipping’s betting aregistered gamesmusthave 2009,23 February bettingonNorsk anyone bettingcard.persons witharegistered As of At year-end 2008, therewere1867461 introduced, linkedtoapersonalbettingaccount. (eID)were cards withelectronicidentification behaviour. Intheautumnof2008newbetting betting are successfulinlimitingundesirable thebettingterminals feedbackshowsthat nary unveiledon11 formally August 2008. Prelimi- Norsk Tipping’s newbettingterminalswere Important events2008 theState’sfor ownership. profit willneverbethemostimportantobjective themaximumpossible but itisemphasisedthat activities isdistributedtobeneficialpurposes, problems. The profit fromNorsk Tipping’s social whichdoesnot create responsible format and intoamoderate ofNorwegians inclination the objectiveofchannellingbetting in Norway. The State’s on ownershipisfounded sportsbettingandcertainnumbersgames offer control. Norsk Tipping hastheexclusiverightto undergovernment lotteries inasafeform organising anddistributingbettingmoney since 1993. The company’s coreactivityis organised inaccordancewithanadhocact company ownedstate has beenawholly Norsk Tipping in1946and wasestablished Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: Norsk Tipping AS Torbjørn Almlid 2325Hamar www.norsk-tipping.no +4762514000 SigbjørnJohnsen Helle StineNæss*, Petter Torgerhagen* Brofoss, SilvijaSeres, Siv Tørudbakken, Auditor: Members oftheboard: addiction. gambling measuresagainst be setasidefor receive NOK240millionand12will will (healthandrehabilitation) og Rehabilitering tarian causes. Inaddition, Helse thefoundation culture and18percenttosocialhumani- tosports,cent isallocated 36.5percentto NOK 3425million. Ofthisamount, 45.5per amounts to allocation the profitfor Following additionsfromtheinvestmentfund, NOK 3175million, up2.4percentfrom2007. ahealthyprofit in2008of generated company introduction ofKenoinNovember2007. The product developmentmeasuresandthe 2007. isduetoseveralsuccessful The growth million. This is an increaseof1.8percentfrom income in2008amountedtoNOK10579 2007 continuedin2008. The totalbetting result oftheban. The increaseinturnover market share, however, hasincreasedasa machines wasimplemented. Norsk Tipping’s a significant declinesincethebanonslot bettingmarkethasseen The totalNorwegian Economic development responsible betting. to implementthecompany’s principlesfor 26 June2008aspartofNorsk Tipping’s work web portalspillevett.nowaslaunchedon worthycauses.of bettingandsupportfor The stronger bondsbetweentheplayer’s enjoyment amount.of thewagered The schemewillcreate orteamshouldreceive5percent organisation theopportunitytodecidewhich player Riksrevisjonen 81 Ingvild Myhre, Knut Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Profit aftertax Tax costs Profit before tax Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St womenontheboard ofshareholder-electedPercentage 1 ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat employeesinNorway Percentage Number ofemployees Additional Information employed Capital Key figures Change cashandliquidassets Financing activities Investment activities activities Operational Cash flow (Ministry ofCultureandChurch (Ministry Affairs) Total allocatedamount Other profit allocations Other profitallocations tosportsandculture Net incomeallocated topreventionofgamblingproblems Allocations Total equity Allocations toinvestmentfund Allocations for Healthandrehabilitation Profit Profit Norsk TIpping AS Profit Healthandrehabilitation Equity ratio Equity ratio Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term interest-freeliabilities Long-term interest-bearingliabilities andcharges liabilities Provisions for operation in2001. operation whichreceivedincomefromslotmachine Organisations a te ownership: THE STATE’S OWNERSHIPREPORT 2008 100percent 1

10 719 -3 145 100 % 100 % 5 172 4 797 3 175 3 175 2 998 7 720 3 413 3 175 3 425 2 935 5 172 4 317 3 922 2008 2008 2008 2008 2008 60 % 57 % 17 % -502 854 375 314 177 349 854 169 854 240 240 335 -99 0.2 61 12 61 0 0 0 0 0 10 517 -2 538 100 % 100 % 5 127 4 752 3 100 3 100 2 981 7 537 3 192 3 100 2 500 1 651 2 881 1 651 5 127 3 476 3 130 1 651 2007 2007 2007 2007 2007 60 % 57 % 32 % 375 319 119 322 594 150 219 219 219 298 -60 0.2 02-07-09 11:25:42 56 12 48 0 0 0 0

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Petoro AS

ADDRESS: P.O. Box 300 Sentrum, Chair of the board: Gunnar Berge State ownership: 100 per cent 4002 Stavanger Members of the board: Hilde Myrberg, (Ministry of Petroleum and Energy) TELEPHONE: +47 51 50 20 00 Nils-Henrik M. von der Fehr, Per Arvid Schøyen, INTERNET: www.petoro.no Mari Thjømøe, Ove Skretting*, Britt Bjelland* CEO: Kjell Pedersen Auditor: Erga Revisjon AS * EMPLOYEE-ELECTED CO M P A N I E S The state limited company Petoro AS manages income for the State. As part of the State’s joint Income statement (MNOK) 2008 2007 the State’s direct financial interest (SDFI) in the ownership strategy, StatoilHydro handles the Operating income 196.0 178.8 Operating costs 195.8 185.5 petroleum sector. The company’s activities are divestment of the State’s petroleum in Operating profit/loss 0.2 -6.8 governed by Chapter 11 of the Petroleum Act. accordance with specific divestment instruc- Net financial items 5.2 6.5 The company’s organisation is designed to be tions. Petoro monitors StatoilHydro’s divestment Profit before tax 5.4 -0.2 Tax costs 0.0 0.0 relatively small and flexible. of the state’s petroleum to ensure that it takes Profit after tax 5.4 -0.2 place in accordance with these instructions. The Petoro is the licensee, and not the owner, of the income from StatoilHydro’s divestment of the Balance sheet 2008 2007 Intangible assets 0.0 0.0 SDFI interests on the Norwegian Shelf. The State’s petroleum goes directly to the Govern- Tangible fixed assets 9.0 7.6 company is not an operator. As the licensee for ment Pension Fund – Global. Financial fixed assets 0.0 0.0 this substantial portfolio, Petoro has the Total fixed assets 9.0 7.6 Current assets 107.5 91.0 opportunity to be a driving force for measures Economic development Total assets 116.5 98.6 which create value with a special focus on area Petoro’s operations are based on grants from planning and field coordination to achieve the State. The 2008 operating budget was Subscribed equity 10.0 10.0 efficiency gains, cost reductions and increased NOK 196 million, exclusive of VAT. Retained/ other equity 28.1 22.7 Total equity 38.1 32.7 rates of recovery. Provisions for liabilities and charges 40.7 32.3 Separate accounts are kept for SDFI and the Long-term liabilities 0.0 0.0 The overall objective for the management of the operation of Petoro. There is thus a clear line Current interest-bearing liabilities 0.0 0.0 Current interest-free liabilities 37.7 33.7 SDFI portfolio is to achieve the highest possible between economic matters related to SDFI and Total liabilities 78.5 65.9 the operation of Petoro. Total equity and liabilities 116.5 98.6

Cash flow 2008 2007 Operational activities 16.1 15.6 Investment activities -5.2 -3.5 Financing activities 0.0 0.0 Change cash and liquid assets 10.9 12.1

Subsidies from the State 2008 2007 Subsidies 194 178

Dividend 2008 2007 Allocated dividend 0 0 Average dividend percentage last 5 years 0 %

Additional Information 2008 2007 Number of employees 61 56 Percentage employees in Norway 100 % 100 % The State’s ownership interest at year-end 100 % 100 % Percentage of women on the board, total 43 % 43 % Percentage of shareholder-elected women on the board 40 % 40 % © Petero AS © Petero AS © Petero

_Selskapsomtale_eng_ombr.indd 82 02-07-09 11:25:45 _Selskapsomtale_eng_ombr.indd 83 AS, in 2004; Kalkulo established AS, established withthreesubsidiaries:group SimulaInnovation Simula ResearchLaboratory AS (Simula)isa Important events dro. with StatoilHy- extensive researchcollaboration – Young OutstandingScientists). Simulahasan Forskere Fremragende YFF projects(Yngre andtwo OutstandingResearchstatus Centre for the ResearchCouncilofNorway, including projectsfrom severalprestigious been awarded of theresultsaresignificant. The centrehas application research wheretheopportunitiesfor inareasof The resourcesareconcentrated scienceandsoftwaredevelopment.computation areas:informatics technology, communications projectswithinthree in largeandfocused Bærum Municipality. The researchisorganised Norsk Regnesentral, StatoilHydro, Telenor and Simula orthecentre’s subsidiariesare Sintef, isthelargestowner.state The otherownersof wherethe asalimitedcompany and managed thecentre.taking placeat Simulaisorganised theresearch for and workstofindapplications withUiO incooperation graduates informatics advanced research, for provideseducation ininternationally Simula centreisengaged theUniversityofOslo(UiO). at Informatics The theDepartmentof activities takingplaceat in2001onthebasisofresearch established Simula Research Laboratory AS (Simula)was Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: Simula ResearchLaboratory AS Aslak Tveito P.O. Box134, 1325Lysaker www.simula.no +47678200 IngvildMyhre Grønstad*, BjørnFredrikNielsen* Hartvigsen, Hilde Tonne, Lundqvist, Mats Åshild Auditor: Members of research and education effort. research andeducation anincreased used someofthisequityfor has beenaddedtotheequity. In2008, Simula the yearssinceitsestablishment, andthisprofit hasmadeaprofitinthemajorityof The group result wasadeficitofNOK3.1million. wasNOK93.7million,the Simulagroup andthe Council ofNorway. incomeof The totaloperating withtheResearch asagreed basic grants In 2008, SimulareceivedNOK49millionin Economic development countriesandcultures. different nature, andthereareemployees frommany in The researchcommunityisinternational of Oslo. with the University been takenincollaboration have degrees doctorate remains highandfour 2008. The numberofscientificpublications Simula maintainedahighresearchlevelin Simula’sgood basisfor furtherdevelopment. andstreamliningprovidesa simplification Applications. This entailsanorganisational Research, andResearch ResearchEducation Simula hasthreemaindepartments: Basic in2007.established 2008, From1January theUniversityofOslo at Innovation AS, in 2006;andSimulaSchoolofResearch LundesRevisjonskontorDA the board: 83 Anne-Brit Kolstø, Gunnar

© Image Communication Tax costs Minority interests Profit/loss aftertaxandminorityinterests Percentage ofwomenontheboard,Percentage total Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Minority interests Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Profit/loss before taxandminorityinterests Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St Percenta The State’s year-end ownershipinterestat womenontheboard employeesinNorway Percentage Number ofemployees Additional Information Subsidies toresearch Subsidies fromtheState inbooks Proceedings withrefereesandchapters Articles injournalswithreferees theses Books anddoctorate Publications Other keyfigures employed Return oncapital Average returnonequitylast5years EBITDA employed Capital Key accountingfigures Return onequity EBIT Equity ratio Equity ratio (Ministry of Education andResearch) ofEducation (Ministry Number ofpost-doctoralresearchers Number ofresearchfellows a te ownership: ge ofshareholder-elected THE STATE’S OWNERSHIPREPORT 2008 80percent

-32 % -31 % 2008 2008 2008 2008 2008 2008 57 % 80 % 43 % 96 % 30 % 33.5 23.4 23.4 10.0 33.5 26.9 98.9 93.7 10.0 -3.9 -3.1 -5.2 -0.8 -1.7 -3.8 2 % 118 0.0 0.0 0.0 0.0 1.8 6.8 1.5 6.6 2.4 4.1 0.0 1.3 54 59 20 34 70 5 2007 2007 2007 2007 2007 2007 80 % 43 % 57 % 96 % 64 % 50 % 40 % 34.6 20.7 20.7 13.9 34.6 29.7 85.8 91.2 13.9 114 6.0 0.8 1.0 4.3 0.0 0.0 0.0 2.6 9.8 1.5 4.9 1.2 3.7 0.0 0.6 5.4 8.0 6.3 02-07-09 11:25:47 54 32 63 14 28 7

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

SIVA SF

ADDRESS: P.O. Box 1253 Pirsenteret, Chair of the board: Rigmor Fardal State ownership: 100 per cent 7462 Trondheim Members of the board: Peter Arbo, Siw (Ministry of Trade and Industry) TELEPHONE: +47 48 03 90 00 Moxness, Hilde Gjester Hoel, Bertil Tiusanen, Per INTERNET: www.siva.no N. Hagen, Tore Sannes CEO: Harald Kjelstad Auditor: BDO Noraudit Midt-Norge AS CO M P A N I E S SIVA – Selskapet for industrivekst (the society project in the industrial clusters. The company Income statement (MNOK) 2008 2007 for industrial growth) – was established in has also, in collaboration with other players, Subsidies 98 96 Other operating income 204 170 1968, and has been a state enterprise since worked to map relevant travel destination Sum Operating income 302 266 1993. SIVA’s purpose is to contribute to projects. SIVA’s innovation programs were Operating costs 231 200 innovation and industrial development through approved by the EFTA monitoring body ESA in Operating profit/loss 71 66 Net financial items -37 -10 property activities and development of strong 2008 as a scheme under the guidelines for Profit/loss before tax and minority interests 34 55 regional innovation and value creation clusters state subsidies for research, development and Tax costs -3 -14 in all parts of Norway. SIVA is especially innovation. Minority interests -2 -2 responsible for promoting growth in outlying Profit/loss after tax and minority interests 33 43 regions. At the end of 2008, the group had 38 The activity level in North-West Russia has been Balance sheet 2008 2007 employees. very high, and an incubator has been estab- Intangible assets 36 36 Tangible fixed assets 1 329 1 255 lished in the Murmansk innovation centre. In Financial fixed assets 731 678 The company’s work takes place through April 2008, SIVA, in partnership with Innovation Total fixed assets 2 095 1 969 facilitating ownerships, network and program Norway’s investment fund for North-West Current assets 370 345 activities, and SIVA is therefore engaged in a Russia, acquired a logistics centre near Total assets 2 465 2 314

large number of innovation and real estate Murmansk airport. Subscribed equity 767 767 companies all over Norway. The Ministry of Retained/ other equity -43 -75 Trade and Industry is SIVA’s owner. The Economic development Minority interests 53 45 Total equity 777 737 company manages funds granted by the SIVA’s group accounts for 2008 show a profit Provisions for liabilities and charges 41 37 Ministry of Trade and Industry and the Ministry after tax and minority interests of NOK 32.8 Long-term liabilities 1 411 1 367 of Local Government and Regional Develop- million. Compared with the preceding year, Current interest-bearing liabilities 12 53 ment. SIVA’s headquarters are located in leasing activities handled by SIVA Eiendom Current interest-free liabilities 124 119 Total liabilities 1 588 1 576 Trondheim. Holding AS have grown, as is also the case for Total equity and liabilities 2 365 2 314 the income from investments in associated companies and interest costs related to financing Cash flow 2008 2007 Important events Operational activities 94 53 In 2008, the SIVA group’s real estate invest- of the group’s real estate investments. The extent Investment activities -136 -298 ments in IT Fornebu Holding AS and real estate of the program activities financed over the state Financing activities 104 93 companies in North-West Russia were included budget increased somewhat in 2008. Change cash and liquid assets 62 -153

in SIVA Eiendom Holding AS’ portfolio. This Key accounting figures 2008 2007 means that all of SIVA’s real estate investments In 2008, Siva received NOK 35 million in Equity ratio 33 % 32 % are gathered in this wholly owned subsidiary. subsidies over the budget of the Ministry of Return on equity 5 % 7 % Average return on equity last 5 years -5 % There was much real estate-related activity in Trade and Industry. The grant was used for 2008, including the completion of a major real various innovation activities and administration Other key figures 2008 2007 estate investment for NorSun in Årdal. costs. The Ministry of Local Government and State lending limit 700 700 State loans 580 580 Regional Development granted SIVA NOK 69.5 Interest on state loans 32 31 The industrial cluster, industrial incubation and million in subsidies in 2008, mainly earmarked Commission on state loans 6 6 R&D incubation programs were evaluated in for the industrial cluster and incubator Subsidies from the State 2008 2007 2008. Furthermore, SIVA has increased its programs. The real estate activities are From the Ministry of Local Government and efforts vis-à-vis female entrepreneurs, partly self-financing and receive no grants. Regional Development 70 69 through the Kvinnovasjon (Womenovation) From the Ministry of Trade and Industry 35 31

Dividend etc 2008 2007 Capital injection from the State 0 50 Allocated dividend 0 0

Additional Information 2008 2007 Number of employees 38 35 Percentage employees in Norway 92 % 97 % The State’s ownership interest at year-end 100 % 100 % Percentage of women on the board, total 43 % 43 % Percentage of shareholder-elected women on the board 43 % 43 % Photo: Åge Hojem Photo:

_Selskapsomtale_eng_ombr.indd 84 02-07-09 11:25:48 _Selskapsomtale_eng_ombr.indd 85 situations. strainedsupply be usedinvery and shallonly odden andNyhamna. The plantsarestandingby powerplantsat gas-based reserve Tjeldberg hascompleted theconstructionof Statnett accordance withNVE’s incomelimitregulations. customer’s whilethecostsarechargedin tariffs Statnett’s share. The incomereducesthe to NOK936millionin2008, ofwhichhalfwas 2008. The total incomefromNorNedamounted Netherlands (NorNed)wasopenedon6May andthe connectionbetweenNorway The cable Important events theenterprise.allowed incomefor company, anannualmaximum stipulates (NVE),Directorate othergrid any likefor the that Norwegian Water Resources and Energy authorities. theenergy by regulation This entails enterprise subjectto isamonopoly Statnett Spot AS. cent oftheelectricitypriceexchangeNordPool the connectionsabroad. owns30per Statnett inNorway,central transmissiongrid aswell 90percentofthe ownsabout currently Statnett commercial principles. grid. shallotherwiseadhereto Statnett and developmentofthecentraltransmission operation maintaining socio-economicefficient Furthermore, isresponsiblefor Statnett situations. strainedenergy handling very times inNorway, includingmeasuresfor all production andconsumptionofelectricityat maintainingabalancebetween responsible for Norway’s grid. national Inthisrole, is Statnett 1992. ownsandisresponsiblefor The company on1January Statnett SFwasestablished Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: SF Statnett Auke Lont Postboks5192, Majorstuen www.statnett.no +4722527000 Bjarne Aamodt

© Statnett SF Auditor: Members oftheboard: NOK 499 million for 2008.NOK 499millionfor of This resultsinadividendtotheState in StortingPropositionNo. 1(2008-2009). additional/less incomeaftertax, wascontinued of thegroup’s profitaftertax, adjustedfor dividend policyof50percent The established AA to AA- andfrom AA- to 2009. A inJanuary changed Statnett’s from long-termcreditrating ten years. InMarch2008, Standard&Poor’s NOK24billionoverthenext amounting toabout with majoractivities, investments planninggrid the precedingyear. isfacingaperiod Statnett 20 919million, NOK 16439millionin against The company’s balancesheettotalwasNOK 2007 toatotalofNOK4256millionin2008. NOK841millionfrom income increasedby 2007 wasNOK637million. The operating income aftertax. The correspondingfigurefor million aftertax, additional/less adjustedfor In 2008, had a profitofNOK998 thegroup Economic development his postin2008. was electedthechairofboardandassumed 2009.new CEOon1February Bjarne Aamodt 17 yearsinStatnett, and Auke Lontbecamethe CEO OddHåkonHoelsæterhasretiredafter intoStatnett’sincorporated 2008result. NOK 2billion. 50percentofthegainwillbe activities inNordPool morethan slightly ASA for OMX tosellmajorpartsoftheunderlying hascompletedthedealwithNasdaq Statnett other Nordicsystemsoperators. withSvenskaKraftnätandthe collaboration continuedclose but thisisnotahindrancefor Svenska Kraftnätmergerisnotontheagenda, aStatkraft- The Governmenthasdecidedthat closely. thetwocompaniesmore process tointegrate starteda andSvenskaKraftnäthave Statnett Bjørn Solberg* Hjorth, KirstenFaugstad*, SteinarJøråndstad*, Høiland, ChristineMeyer, HeidiEkrem, Per Ernst& Young AS 85 Thor Håkstad, Grethe

© Statnett SF Dividend totheState Average last3years dividendpercentage (Ministry ofPetroleumandEnergy) (Ministry Long-term liabilities andcharges liabilities Provisions for Total equity Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Return on capital employed Return oncapital Average returnonequitylast5years Current interest-bearingliabilities Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St 1 womenontheboard ofshareholder-electedPercentage Return onequity Percentage ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat employeesinNorway Percentage Number ofemployees Additional Information Dividend percentage dividend Allocated Dividend Equity ratio EBIT EBITDA employed Capital Key figures Change cashandliquidassets Financing activities Investment activities activities Operational Cash flow Profit aftertax Tax costs Total equityandliabilities Total liabilities Current interest-freeliabilities Profit before tax after tax, more/lessincomeaftertax. adjustedfor dividendequals50percentofthegroup’sThe allocated profit a te ownership: 1

THE STATE’S OWNERSHIPREPORT 2008 100 percent 11 690 20 919 19 349 16 404 18 925 20 919 14 334 -2 670 100 % 100 % 6 585 3 885 2 700 1 570 2 945 1 194 3 062 4 256 2 288 2 816 1 221 1 529 1 517 1 438 1 742 2008 2008 2008 2008 2008 2008 46 % 33 % 14 % 11 % 25 % 44 % 31 % 50 % 499 556 650 548 731 499 225 80 0

16 439 14 945 14 275 14 871 16 439 10 877 -2 958 100 % 100 % 5 562 2 862 2 700 1 494 6 732 1 025 2 390 3 415 1 187 1 697 1 454 1 795 1 211 2 577 2007 2007 2007 2007 2007 2007 49 % 12 % 50 % 44 % 34 % -145 9 % 318 357 664 664 318 651 229 880 291 02-07-09 11:25:52 6

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Statskog SF

ADDRESS: Serviceboks 1016, 7800 Namsos Members of the board: Harald Ellefsen, Trond State ownership: 100 per cent TELEPHONE: +47 07800 Loge, Karin Søraunet, Sigrid Brattabø Hande- (Ministry of Agriculture and Food) INTERNET: www.statskog.no gard, Knut Røst*, Olaf Landsverk*, Hege CEO: Øistein Aagesen Bjørgum Skillingstad* Chair of the board: Kirsti Kolle Grøndahl Auditor: Ernst & Young AS * EMPLOYEE-ELECTED CO M P A N I E S Statskog SF is the largest landowner in Norway adjustment of the ground lease fees for 430 Income statement (MNOK) 2008 2007 and manages about 60 000 km2, almost lessees of holiday cabin lots. A number of the Operating income 247 230 Operating costs 209 195 one-fifth of mainland Norway. Statskog is also lessee’s have objected to the regulations, and Operating profit/loss 39 35 Norway’s largest forest owner, with about seven there are also unresolved issues in connection Net financial items -22 2 per cent of the productive forested area in with previous adjustments. Statskog has Profit before tax 17 37 Tax costs -3 2 Norway. Half of the acreage managed by requested legal judgment in some of the cases, Profit after tax 20 35 Statskog lies in Troms and Nordland counties. and the results will be of importance to Statskog and the crown lands. For the latter, the lease Balance sheet 2008 2007 Intangible assets 11 11 In southern Norway, a significant percentage of income goes to the landowner fund and to the Tangible fixed assets 89 88 the acreage (27 000 km2) are crown lands, with local mountain crown land funds. Financial fixed assets 51 27 the responsibility and right of disposal shared Total fixed assets 150 125 Current assets 223 238 between Statskog, the crown mountain land Energy has stood out as a very exciting Total assets 373 363 boards and the crown land boards. business area for Statskog in 2008, and Statskog is collaborating on a number of Subscribed equity 104 104 Statskog is organized in the activity areas projects with private and public players to create Retained/ other equity 178 171 Total equity 282 275 Property, Energy, Forest and Outdoor Activities. values and local activity. Provisions for liabilities and charges 0 4 The enterprise’s vision is to safeguard and Long-term liabilities 0 0 develop all values on the State’s lands. The Economic development Current interest-bearing liabilities 27 0 Current interest-free liabilities 64 84 properties shall be operated efficiently with a The operating result in 2008 was affected by Total liabilities 91 88 view towards achieving a satisfactory economic substantial non-recurring income from forest Total equity and liabilities 373 363 result. Statskog shall actively protect nature and protection. The Property business area had a Cash flow 2008 2007 show due concern for the outdoor activity weaker result in its regular operations in 2008 Operational activities 0 60 interests. The resources shall be utilised in a than in 2007. The result in 2008 was affected Investment activities 0 -35 balanced manner, and renewable resources by a costly wage settlement and low income Financing activities 0 -5 Change cash and liquid assets 0 20 shall be safeguarded and further developed. growth from the properties. Nor did extensive sale of services generate any significant Key figures 2008 2007 Important events earnings in 2008. Capital employed 308 275 Protection of state lands was given priority in EBITDA 43 48 EBIT 39 45 the Government’s work to increase the The Forest business area also generated a Equity ratio 76 % 76 % protected forested area in Norway, and 14 areas weaker result from regular operations in 2008 Return on equity 7 % 13 % were given protected status in 2008, totalling than in 2007. This was mainly due to lower Average return on equity last 5 years 8 % 2 Return on capital employed 13 % 17 % 247 km of Statskog’s lands. timber prices and volumes. Andre Key figures 2008 2007 The recommendation from Samerettsutvalg 2 The Energy business area generated a better Income distribution: Property 35 % 35 % (The Sami Rights Committee 2) concerning the result from regular operations in 2008 than in Energy 6 % 6 % future management of state lands in Troms, 2007. This is mainly due to renegotiations in Forest 27 % 30 % Nordland, Trøndelag and Hedmark counties was connection with waterfall rights agreements. Outdoor life 11 % 14 % Forest protection compensation 17 % 12 % an important issue for Statskog in 2008. Other 3 % 3 % Statskog has submitted a statement regarding The result from the Outdoor Activities business the recommendation. area was on a par with previous years, with the Number of sold hunting and fishing licenses 31 372 29 567

largest income generated by hunting licences. Subsidies from the State 2008 2007 In 2008, Statskog issued notification of market Subsidies from the State/public purchases 16 18

Dividend 2008 2007 Allocated dividend 13 13 Dividend percentage 68 % 37 % Average dividend percentage last 5 years 46 % Dividend to the State 13 13

Additional Information 2008 2007 Number of employees 157 152 Percentage employees in Norway 100 % 100 % The State’s ownership interest at year-end 100 % 100 % Percentage of women on the board, total 50 % 50 % Percentage of shareholder-elected women on the board 60 % 60 % © Statskog SF

_Selskapsomtale_eng_ombr.indd 86 02-07-09 11:25:53 _Selskapsomtale_eng_ombr.indd 87 joint development company withfiveother joint developmentcompany UNINETT fact that AS hasbecomepartofthe fruition. aspectinthisconnection isthe A key isnearing capacity college sectorgigabit time, theentireuniversityand the goalofgiving functionalityin2008.hybrid grid At thesame and highercapacity for upgrades technology underwent partsoftheresearchgrid Key Important events advanced scientificcalculations. equipment for ofnational and operation UNINETT Sigma theacquisition AS administrates the.nodomain;and unitfor registration universities; UNINETTNorid AS isthenational colleges and systemsfor joint administrative of andtechnicaloperation handles coordination UNINETTFASICT andchoiceoftechnology; AS sectoron education guidance totheNorwegian subsidiaries: UNINETT ABC AS provides owned wholly andhasfour UNINETT group UNINETT inthe AS istheparentcompany fields ofresearch, anddissemination. education tasks oftheuniversitiesandcollegesin Norway. shallsupporttheprimary Newefforts university in and the college Norwegian sector in acquisition anduseoftheoverallICTresources economies ofscale, UNINETToptimisesthe e-infrastructure. and Through cooperation national aversatile developing andoperating UNINETT AS’ visionistotheauthoritiestoolfor with experimentalservices. andown testgrids ture withproductionservices Research. infrastruc- deliversgrid The company and ofEducation ment fromtheMinistry onassign- inNorway academic researchgrid UNINETT the AS developsandoperates Chair oftheboard: CEO INTERNET: TELPHON: ADDRESS: UNINETT AS .: PetterKongshaug 7465 Trondheim. www.uninett.no +4773557900 BjørnHenrichsen Auditor: Members oftheboard: planned development. the casein2009, andthisistheresultofa bothyears.been reducedfor This willalsobe thecompany’swhich entailsthat equityhas ment startedin2007andcontinued2008, of thegroup’s equity. develop- The hybridgrid onthebasis development shalltakeplacepartly Norid AS. UNINETT grid isthat AS’ strategy major partofthegroup’s equityisinUNINETT The group’s isgood, equitysituation anda AS, UNINETTFAS AS andUNINETTNorid AS. resultsinUNINETT 2008 asaresultofnegative resultwasalossofNOK5.4millionin group toUNINETTSigma of Norway AS in2007. The fromtheResearchCouncil non-recurring grant from 2007to2008, asaresultofmajor mainly The group’s incomefellsignificantly operating Economic development which willbepresentedin2009. anewprogram,basis for eCampusNorge, processin2008,of astrategy the willform the researchgrid. This effort, whichistheresult in orientation strongerservice tocreate effort sector, theupcoming providingagoodbasisfor intheuniversityandcollege major rippleeffects whichhave sector) areimportantprograms theeducation for identitymanagement (national universitiesandcolleges)Feide Norwegian developmentat grid GigaCampus (coordinated withRussia. collaboration research inthenorthernareasand andtofacilitate functionality alloverNorway important measuretoprovidethesamegrid infrastructure inFinnmarkCounty. This isavery players, Ishavslink AS, todevelopfibre Binningsbø, FrodeStorvik* Rustad, BrittElinSteinveg, HansJørgen Deloitte AS 87 SiriJansen, Benedicte

© Thilo Bubek. University of Tromsø Change cashandliquidassets Financing activities Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Profit aftertax Tax costs Profit before tax Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St womenontheboard ofshareholder-electedPercentage Investment activities Percentage ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat employeesinNorway Percentage Number ofemployees Additional Information Total subsidies Other subsidies ofCultural Subsidies fromtheMinistry Affairs Subsidies fromtheState EBITDA employed Capital Key figures activities Operational Cash flow (Ministry of Education andResearch) ofEducation (Ministry Return onequity Return on capital employed Return oncapital Average returnonequitylast5years Equity ratio EBIT a te ownership: THE STATE’S OWNERSHIPREPORT 2008 100percent 100 % 100 % 131.0 2008 2008 2008 2008 2008 2008 60 % 50 % 46 % -104 -4 % -4 % -5.0 7 % 282 151 115 131 128 282 208 218 207 -20 -14 -17 -73 4.0 36 74 24 44 15 94 62 13 49 -5 -5 0 0 3 6 0 100 % 100 % 136.7 2007 2007 2007 2007 2007 2007 60 % 50 % 36 % -1 % -5 % -1.0 -6.4 380 243 195 137 134 380 314 233 230 107 160 -12 -10 -19 02-07-09 11:25:55 78 48 66 15 49 11 88 95 65 -1 -1 0 0 3 2 0

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Universitetssenteret på Svalbard AS

ADDRESS: P.O. Box 156, 9171 Longyearbyen Members of the board: Annik M. Myhre, Berit State ownership: 100 per cent TELEPHONE: +47 79 02 33 00 Kjeldstad, Geir Anton Johansen, Viva Mørk (Ministry of Education and Research) INTERNET: www.unis.no Kvello, Hanne Christiansen*, Borgar Aamaas** Direktør: Gunnar Sand Auditor: PricewaterhouseCoopers AS * EMPLOYEE-ELECTED Chair of the board: Tore Vorren ** ELECTED BY THE STUDENTS CO M P A N I E S Universitetssenteret på Svalbard AS (UNIS) During the course of 2008, UNIS also took over Income statement (MNOK) 2008 2007 was established as a state limited company in the SPEAR (Space Plasma Exploration by Active Operating income 84.8 80.1 Operating costs 87.7 79.9 2002. The company replaced the foundation Radar) facility from the University of Leicester. Operating profit/loss -2.9 0.2 Universitetsstudiene på Svalbard, established by The facility is worth NOK 25 million and was Net financial items -0.5 -0.6 the four Norwegian universities in 1994. tested in October. Profit before tax -3.4 -0.3 Tax costs 0.0 0.0 Profit after tax -3.4 -0.3 The purpose of the company is to offer study UNIS spearheaded the work to qualify the programs and conduct research on the basis of project Svalbard Integrated Arctic Earth Balance sheet 2008 2007 Intangible assets 0.0 0.0 Svalbard’s geographical location in the High Observing System (SIOS), which was included in Tangible fixed assets 50.5 28.4 Arctic and the unique advantages this entails in the Europan Strategy Forum on Research Financial fixed assets 0.0 0.0 the use of nature as a laboratory. The study Infrastructure (ESFRI). The project aims to Total fixed assets 50.5 28.4 Current assets 32.4 29.1 programs shall be at university level and be a establish a system for environmental and Total assets 82.9 57.6 supplement to the education offered by the climate monitoring on and around Svalbard. universities on the mainland, and be part of a Subscribed equity 2.1 2.1 regular program of study leading up to bachelor, Economic development Retained/ other equity 6.0 9.4 Total equity 8.1 11.5 master and doctorate levels. The study The State’s fiscal budget allocated NOK 78.7 Provisions for liabilities and charges 0.1 0.2 programs shall have an international profile and million to operations and investments, of which Long-term liabilities 41.0 19.1 the education shall take place in English. NOK 76.4 million for operations and NOK 2.3 Current interest-bearing liabilities 0.0 0.0 Current interest-free liabilities 33.8 26.7 million for equipment and fixtures and fittings. In Total liabilities 74.8 46.1 UNIS has four fields of study: Arctic biology, addition, UNIS received NOK 26.2 million in Total equity and liabilities 82.9 57.6 Arctic geology, Arctic geophysics and Arctic external project income for research and NOK Key figures 2008 2007 technology. In 2008, education was offered in 5.8 million as income from consultancy services Capital employed 49.0 30.6 46 subjects, of which 26 at a master and as well as rent. UNIS’ external research EBITDA -0.4 0.9 doctorate level. 384 students from 26 countries financing has increased from 8 per cent of EBIT -1.6 0.9 attended classes or worked on master or gross income in 2001 to 24 per cent in 2008. Equity ratio 10 % 20 % Return on equity -35 % -3 % doctorate theses. 49 per cent of the students Average return on equity last 5 years 52 % were Norwegians. The annual accounts show an operating loss of Return on capital employed -4 % 3 % NOK 2.9 million. After financial costs, the Other key figures 2008 2007 Important events accounts show a deficit of NOK 3.5 million. The Student full-year equivalents 146 145 Researchers and students from UNIS partici- financial costs are mainly related to the pated in the collection of more than half a servicing of loans for procuring housing used by Subsidies from the State 2008 2007 Investments in Forskningsparken 0.0 0.0 million seeds for the Svalbard global seed vault, the employees. Other investments 2.3 1.4 officially opened in February. Operation of UNIS AS 76.4 74.0 The company’s total assets amounted to NOK Rent 0.0 0.0 Total subsidies 78.7 75.5 The Kjell Henriksen Observatory (KHO), officially 82.9 million as of 31 December 2008, of which opened by Minister Tora Aasland in February the institution’s buildings contributed Additional Information 2008 2007 2008 has completed its first season of NOK 50.5 million. Number of employees 76 73 Percentage employees in Norway 100 % 100 % observations. The State’s ownership interest at year-end 100 % 100 % Percentage of women on the board, total 57 % 57 % Percentage of shareholder-elected women on the board 50 % 60 % Photo: Anja Strømme. Photo: Researchers and students at UNIS. Photo Frank Eggenfellner/UNIS. Researchers and students at UNIS.

_Selskapsomtale_eng_ombr.indd 88 02-07-09 11:25:58 _Selskapsomtale_eng_ombr.indd 89 before a decision is made on scope and any adecision ismadeonscopeandany before intheautumnof2009 project willbeevaluated in2008.outlets wereestablished The test regularoutlets.too smalltohave These nine outlets (branches)inmunicipalitieswhichare start atime-limitedtestprojectwithnineminor 2007, Vinmonopolet receivedpermissionto palities wheretherewerenooutletsearlier. In beenopenedinmunici- the newoutletshave regions.as possibleinoutlying 90percentof tomaintainaswideanoutletcoverage desirable the support for Vinmonopol scheme, itis andstrengthen public improve availability had120outletsin1998.company Inorderto of whichareself-service. Incomparison, the and nowhas239outletsalloverNorway, 236 Vinmonopolet opened17newoutletsin2008, Important events no pressuretobuy. campaigns,awareness and operations efficient socialcontrol,its expressionthroughefficient availability. The alcoholpolicyresponsibilityfinds limit alcoholconsumptionthroughcurtailing alcoholpolicyandshallcontributeto Norwegian one ofthemostimportantinstruments personal customerservice. AS Vinmonopolet is retail chainwithabroadproductrangeand emphasisesbeingaprofessional the company amongthegeneralpublic, legitimacy necessary 30 November1922. Inordertosecurethe consumers. on Vinmonopolet wasestablished containing morethan4.7percentalcoholto with theexclusiverighttosellproducts AS retailmonopoly Vinmonopolet isastate Chair oftheboard: CEO: INTERNET: TELPHON: ADDRESS: AS Vinmonopolet KaiG. Henriksen P.O. Box 6953 St. Olavs pl., 0130 Oslo www.vinmonopolet.no +47 04560 SiriB. Hatlen Auditor: Members oftheboard: corresponding to an equity ratio of16.7percent. corresponding toanequityratio 31 December2007wasNOK408million, ratio of 15.4 per cent. In comparison, equity as of million as of 31 December 2008, giving an equity is NOK70million. BookequitywasNOK417 after Vinmonopol tax and the State’s profit share amounts toNOK70million. The annualprofit Vinmonopol taxshallfalltotheState. This 50percentofthe profitafter that stipulated 2008.NOK 35.2millionfor The Stortinghas of regular tax, has been calculated at The Vinmonopol tax, which is calculated in place up NOK8millionfrom2007. the before Vinmonopol tax wasNOK175million, costs. andoperating higher wage The profit 15.3 millionlowerthanin2007, dueto mainly NOK 108million. profitwasNOK The operating costs,other operating profitwas the operating Following thedeductionofcommoditycostsand increase insalesofNOK563millionfrom2007. NOK 5695millionwerealcoholtaxes. This isan NOK 10305millionin2008, ofwhich Vinmonopolet’s sales(excl. VAT) were Economic development live.Vinmonopolet outletwherethey arepleasedwiththeaccesstoa Norwegians almost90percentof showthat Surveys between 10000and50litresperyear. andsalesvary Vinmonopol outletsnearby in thestaff by operated branches aremainly andoperation. continuation plans for The Svend BangPedersen* Ola Røtvei, HelgeStorvik*, ElianneIngebrigtsen*, Jenssen, OddHolten, Ingvild Wold Strømsheim, PricewaterhouseCoopers PricewaterhouseCoopers AS 89 Margrethe Sunde, Margrethe Frank

© AS Vinmonopolet Return on capital employed Return oncapital Average returnonequitylast5years Total equityandliabilities Total liabilities Current interest-freeliabilities Current interest-bearingliabilities Long-term liabilities andcharges liabilities Provisions for Total equity Retained/ otherequity Subscribed equity Total assets Current assets Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Profit aftervinmonopoltax Vinmonopol tax Profit before vinmonopoltax Net financialitems Operating profit/loss costs Operating Of whichalcoholtax income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St Percenta Dividend totheState Average last5years dividendpercentage Return onequity womenontheboard ofwomenontheboard,Percentage total The State’s year-end ownershipinterestat employeesinNorway Percentage Number ofemployees Additional Information Dividend percentage dividend Allocated Dividend Equity ratio EBIT EBITDA employed Capital Key figures Change cashandliquidassets Financing activities Investment activities activities Operational Cash flow (Ministry ofHealthandCareServices) (Ministry a te ownership: ge ofshareholder-elected THE STATE’S OWNERSHIPREPORT 2008 100percent 10 198 10 305 100 % 100 % 2 708 2 291 1 534 2 708 2 273 5 695 1 808 2008 2008 2008 2008 2008 2008 43 % 27 % 46 % 34 % 50 % 44 % 50 % 15 % 758 417 417 435 216 215 140 175 107 179 236 417 169 224 -54 0.1 35 68 70 70 0 0 4 0 100 % 100 % 2 448 2 040 1 408 2 448 2 048 5 393 9 620 9 743 1 787 2007 2007 2007 2007 2007 2007 49 % 37 % 67 % 56 % 40 % 17 % 632 408 408 400 213 182 130 167 123 170 235 408 151 171 -20 0.1 02-07-09 11:26:00 37 44 52 52 0 0 4 0

COMPANIES _Selskapsomtale_eng_ombr.indd 90 02-07-09 11:26:03

Page Regional health authorities Central Norway Regional Health Authority 92 Northern Norway Regional Health Authority 93 Southern and Eastern Norway Regional Health Authority 94 Western Norway Regional Health Authority 95

Northern Norway Regional Health Authority

Central Norway Regional Health Authority

Western Norway Southern and Eastern Norway Regional Regional Health Authority Health Authority

_Selskapsomtale_eng_ombr.indd 91 02-07-09 11:26:04 THE STATE’S OWNERSHIP REPORT 2008

Central Norway Regional Health Authority RHF

ADDRESS: P.O. Box 464, 7501 Stjørdal Members of the board: Tove Røsstad, Kirsti Auditor: PricewaterhouseCoopers TELEPHONE: +47 74 83 99 00 Leitrø, Merete Storødegård, Olav Georg Huseby, State ownership: 100 per cent INTERNET: www.helse-midt.no Oskar J. Grimstad, Jan Magne Dahle, Ellen (Ministry of Health and Care Services) Akting CEO: Bjørn Erikstein Engdahl, Joar Olav Grøtting, Ellen Marie Wøhni*, Chair of the board: Kolbjørn Almlid Ingegjerd S. Sandberg*, Karl Wesenberg*, Bjørg Henriksen* * EMPLOYEE-ELECTED CO M P A N I E S Central Norway Regional Health Authority is recent years has been challenging for all units Income statement (MNOK) 2008 2007 one of four regional health authorities responsi- in the regional health authority. Through close Operating income 13 678 12 116 Operating costs 13 567 12 574 ble for specialist health services in Norway. follow-up and allocating responsibility to Operating profit/loss 111 -459 Central Norway Regional Health Authority managers on all levels, Central Norway Regional Net financial items -114 -101 consists of six health authorities owned by Health Authority has attained control over the Tax costs 0 0 Annual result -3 -560 Central Norway Regional Health Authority. The finances without poorer quality or cutbacks in Increased pension costs due to changed State has the overall responsibility for the the patient services. The construction of a new financial assumptions population being provided with necessary university hospital in Trondheim is going - exempt from the result requirement 89 465 Result requirement from MHCS 0 -85 specialist health services in line with the according to plan, and a new hospital in Molde Deviation from result requirement set by objectives established in Section 1-1 of the and a new paediatric ward in Ålesund are being the Ministry of Health and Care Services 86 -10 Specialist Health Service Act and Section 1-1 of planned. Balance sheet 2008 2007 the Patients’ Rights Act. The regional health Intangible assets 190 175 authorities shall, in accordance with the Economic development Tangible fixed assets 14 166 13 082 guidelines issued by the owner, plan and Central Norway Regional Health Authority Financial fixed assets 889 895 organise the specialist health service and achieved a balanced economic result in 2008. Total fixed assets 15 245 14 152 Inventories 190 190 facilitate research and education (cf. the Section The regional health authority has a budget of Receivables 513 534 1 of the Health Authority Act). In 2008, the about NOK 13 billion, with operating income Bank deposits, cash, etc 276 248 Ministry of Health and Care Services exercised coming mainly from the owner, the Ministry of Total current assets 979 973 Total assets 16 224 15 125 its ownership management of the regional Health and Care Services. The operating income health authorities through the general meetings grew by NOK 1 562 million, while the total Subscribed equity 6 485 6 485 and through terms for grants as conveyed in the operating costs grew by NOK 992 million from Retained earnings -3 347 -3 344 2007. The increase in wages and other Total equity 3 138 3 141 so-called mission statement document. Total provisions for liabilities and charges 6 084 5 672 personnel costs from 2007 amounted to about Other long-term liabilities 2 918 2 207 Important events NOK 584 million. At year-end 2008, Central Current liabilities 4 083 4 105 Central Norway Regional Health Authority has Norway Regional Health Authority had a Total liabilities 13 086 11 984 Total equity and liabilities 16 224 15 125 worked with focus on developing good long-term debt in connection with investments interaction to ensure proper patient treatment of NOK 2 918 million. The operating credit was Cash flow 2008 2007 and efficient use of resources. In addition to NOK 1 758 at year-end. Operational activities 609 672 Investment activities -1 821 -2 082 better cooperation internally in the hospitals, the Financing activities 1 075 676 degree of cooperation with the primary health Change cash and liquid assets -137 -735 services will be decisive in meeting the Key figures 2008 2007 challenge of growing patient groups with Number of citizens in serious chronic illness, eating disorders, Helse Midt-Norge’s ward 666 164 659 621 pathological obesity, substance abuse problems Number of produced DRG points 156 004 151 416 Number of out-patient clinic and mental problems. Central Norway Regional consultations, somatic 662 386 628 089 Health Authority will give priority to further Number of discharged patients from development work together with users and in-patient treatment within psychiatric municipalities in the coming period. health care 7 529 7 324 Number of discharged patients from cross-disciplinary specialist in-patient The investments in the escalation plan for treatment for substance abusers 1 735 1 330 psychiatric health care were completed with the Number patients on waiting lists (NPR) 42 148 40 900 Number of days in average waiting time (NPR) 110 110 commissioning of Knausen DPS (district State subsidies/public purchases 12 505 11 026 psychiatric centre), DPS Nidaros, a BUP (children and young people psychiatric) clinic in Additional Information 2008 2007 Number of full-time equivalents in the Nordmøre and Romsdal Health Authority and an enterprise group 12 686 12 907 expanded family unit at St. Olavs Hospital Health The State’s ownership interest at year-end 100 % 100 % Authority. A new unit for young people recently Total percentage of women on the board 54 % 54 % Percentage owner-appointed started up in Malvik, representing a marked women on the board 56 % 56 % improvement in substance abuse care.

Central Norway Regional Health Authority achieved a good financial result in 2008. The

_Selskapsomtale_eng_ombr.indd 92 02-07-09 11:26:07 _Selskapsomtale_eng_ombr.indd 93 safeguarded in the new organisation. The somatic hasbeen with proximitytothepopulation process in 2008. A decentralised base structure their entiretyafterHelseFinnmarkcompleted its Health in Authority hastakenovertheseservices last twoyears, Regional andNorthernNorway strengthenedoverthe beenconsiderably have more than30graduates. The prehospitalservices specialists continues,psychiatric trained having funds. In addition, theprojecttoeducate planand throughprioritisingown escalation health careasaresultofthe psychiatric Health in Authority strengtheneditsservices In 2008 as well, Northern Norway Regional Important events document. conveyed in the so-called mission statement as grants meetings andthroughtermsfor regional health authorities through the general exercised its ownership management of the In 2007, ofHealthandCareServices theMinistry 1 oftheHealth Authority Act). (cf. researchandeducation facilitate theSection and organise thespecialisthealthservice theowner,guidelines issuedby planand authorities shall, inaccordancewiththe Rights the Patients’ Act. health The regional Specialist HealthService Act andSection1-1of inSection1-1ofthe objectives established inlinewiththe specialist healthservices beingprovidedwithnecessary population the hastheoverallresponsibilityfor The State quality healthservices. andonSvalbardwithequalaccessto Norway in Northern providingthepopulation ble for profileandberesponsi- clear NorthernNorway institutionwitha Authority shallbearegional Nord. Health Regional NorthernNorway set, HelgelandssykehusetandSykehusapoteket Hospital ofNorthernNorway, Nordlandssykehu- health authorities: Finnmark, theUniversity healthauthorityconsistsoffive The regional 2002. the countymunicipalitieson1January from thespecialisthealthservices responsibility for connection with the State’s take-over of the in healthauthoritywasestablished regional for the specialist health service in Norway. The one of four regional health authorities responsible NorwayNorthern RegionalHealth Authorit is Chair oftheboard: CEO: INTERNET: TELPHON: ADDRE Health Regional Northern Norway Authority Lars H. Vorland Administrerende direktør SS: 8038Bodø www.helse-nord.no +4775512900 BjørnKaldhol Munch-Ellingsen*, Ann-Mari Jenssen* Kirsti Jacobsen*, KariB. Sandnes*, Jens Kåre Simensen, IngeMyrvoll, Tone Finnesen, Lise Strøm, LineMiriamHaugen, Terje Olsen, Auditor Members oftheboard: NOK 307 million at year-endNOK 307millionat 2008. Regional Health Authority had an operating creditNOK 1of 167 million in 2008. Northern Norway reduced from NOK 1 197 million in 2007 to about Health and Care Services for investments were investments in 2008. Loans from the Ministry ofbecame necessary to raise loans to finance costs from 2007 was about NOK 465 million. It 2007. The increase in wages and other personnel 810millionfrom by costsgrew the totaloperating operating income grew by NOK 1 237 million, whilethe Ministry of Health and Care Services. The comesfromtheowner, income mainly operating annual budget of about NOK 11 billion. The Health Regional Northern Norway Authority hasan Financial development points inrecentyears. Health Authority’s publication shareofnational marked increase in Northern Norway Regional research has given a significant return through a Bodø wasadopted. on The increasedfocus tion and development of Nordlandssykehuset 2in themodernisa- ofStage The implementation regardlessoflocation.consistent management modelbasedinclinicsand organisation implementedanew Hospital inNorthernNorway operate the IT services. In 2008, the University andtheopportunitytoefficiently treatment authority. This will ensure good support for patient health regional thisinplaceastheonly have Northern Norway Regional Health Authority will in2010,in allthehealthauthoritiessothat andwillbecontinued Hospital NorthernNorway a joint IT platform has started in the University degree of implementation. The work to implement with Helgelandssykehuset having the highest between thehealthauthoritiesinthisconnection, degree.to asufficient There issomevariation measures implement theadoptedreorganisation in 2008, as in previous years, has been to health authorities through the year. The challenge which safeguards the overall follow-up of the anownershipdepartment tion hasestablished health authorities. healthadministra- The regional in closer and more focused follow-up of the financiallimitshasresulted withingiven operation work to reorganise the activities to ensure adapted to the prioritisation of the ailments. The withwaiting lists has hadgoodaccesstoservices been maintained, thepopulation ensuringthat of thehealthauthoritiesandactivitylevelhas services have been further developed at several : Ernst& Young AS 93 Trygve Myrvang, Inger Total equityandliabilities Total liabilities Current liabilities Other long-termliabilities Total andcharges liabilities provisionsfor Total equity Retained earnings Subscribed equity Total assets Total current assets Bank deposits, cash, etc Receivables Inventories Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet -exemptfromtheresultrequirement financialassumptions Increased pensioncostsduetochanged Annual result Tax costs Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St womenontheboard owner-appointedPercentage Change cashandliquidassets Total ofwomenontheboard percentage The State’s year-end ownershipinterestat enterprisegroup Number offull-timeequivalentsinthe Additional Information subsidies/publicpurchases State waitingtime(NPR) average Number ofdays onwaitinglists(NPR) Number patients substance abusers for treatment specialisedin-patient cross-disciplinary from Number ofdischargedpatients healthcare psychiatric within treatment in-patient from Number ofdischargedpatients consultations, somatic clinic Number ofout-patient Number ofproducedDRGpoints Number ofcitizensinHelseNord’s ward Key figures Financing activities Investment activities activities Operational Cash flow (Ministry ofHealthandCareServices) (Ministry Result requirementfromMHCS ofHealthandCare Services the Ministry Deviation fromresult requirement setby a te ownership: THE STATE’S OWNERSHIPREPORT 2008 100percent 438 486 107 576 463 425 11 535 11 265 12 366 10 832 35 338 -2 692 100 % 9 546 4 294 2 344 1 167 5 252 7 944 9 546 8 836 8 104 2008 2008 2008 2008 2008 38 % 50 % -289 -270 -221 -123 -457 784 710 254 302 154 615 116 706 284 592 -19 68 13 86 0 0 415 593 105 866 462 037 10 726 10 028 12 377 34 189 -2 403 100 % 9 772 4 231 2 357 1 197 5 541 7 944 9 772 9 062 8 361 9 707 2007 2007 2007 2007 2007 44 % 46 % -723 -697 -263 -581 -135 678 710 241 320 149 634 558 406 253 325 -26 02-07-09 11:26:08 67 83 28 0 5

COMPANIES THE STATE’S OWNERSHIP REPORT 2008

Southern and Eastern Norway Regional Health Authority

ADDRESS: P.O. Box 404, 2303 Hamar Brubakk, Anne Marie B. Jøranli, Andreas Kjær, Auditor: PricewaterhouseCoopers AS TELEPHONE: +47 02411 Terje Bjørn Keyn, Kirsten Huser Leschbrandt, State ownership: 100 per cent INTERNET: www.helse-sorost.no Knut Even Lindsjørn, Berit Eivi Nilsen, Dag (Ministry of Health and Care Services) CEO: Bente Mikkelsen Stenersen, Randi Talseth, Finn Wisløf, Anne Chair of the board: Hanne Harlem Carine Tanum, Lizzie Irene Ruud Thorkildsen*, Members of the board: Harry Konterud, Kirsten Svein Øverland*, Morten Falkenberg* * EMPLOYEE-ELECTED CO M P A N I E S Southern and Eastern Norway Regional November 2008 expressed its view that Income statement (MNOK) 2008 2007 is the largest regional health Southern and Eastern Norway Regional Health Operating income 53 056 47 222 Health Authority Operating costs 52 652 51 041 authority in Norway, comprising Østfold, Authority, through the decisions made, had Operating profit/loss -596 -3 818 Akershus, Oslo, Hedmark, Oppland, Buskerud, solved its tasks in a good manner and in line Net financial items -160 -44 Vestfold, Telemark, Aust-Agder and Vest-Agder with the owner’s assumptions. Tax costs 0 0 Annual result -756 -3 862 counties and 56 per cent of the Norwegian Increased pension costs due to changed population. The authority has 65 000 employees. The efforts within the field of habilitation and financial assumptions rehabilitation, substance abuse, psychiatric - exempt from the result requirement 331 1 895 Result requirement from the MHCS 0 -880 The activities include somatic hospitals, health care, specialist services for elderly Deviation from result requirement set by psychiatric health care and substance abuse persons and persons with chronic ailments were the Ministry of Health and Care Services -425 -1 087 institutions, ambulance services, emergency given priority in 2008. Access to resources and Balance sheet 2008 2007 response services, hospital pharmacies and competence in the prehospital services has Intangible assets 817 685 laboratories. At the end of 2008, Southern and been strengthened. Tangible fixed assets 40 885 39 598 Eastern Norway Regional Health Authority Financial fixed assets 2 700 2 544 consisted of 16 health trusts. The region is now Time from discharge to distribution of epicrisis Total fixed assets 44 402 42 827 Inventories 343 280 being reorganised into seven hospital areas, and documents, patients in hospital corridors and Receivables 1 325 2 028 will as of 1 July 2009 have 11 health trusts. individual have been given special attention. Bank deposits, cash, etc 1 670 1 503 These quality indicators have shown a positive Total current assets 3 339 3 811 Total assets 47 741 46 638 Important events development in 2008. 2008 was characterised by great activity and Subscribed equity 32 467 32 467 planned reorganisation work to fulfil the The activity levels were higher for all areas than Retained earnings -10 533 -9 552 in 2007. The increase for out-patient consulta- Total equity 21 934 22 915 assignment given when Southern Norway Total provisions for liabilities and charges 6 936 5 014 Regional Health Authority and Eastern Norway tions in psychiatric health care showed the Other long-term liabilities 7 991 8 016 Regional Health Authority were merged into strongest increase. Current liabilities 10 880 10 692 Southern and Eastern Norway Regional Health Total liabilities 25 807 23 722 Total equity and liabilities 47 741 46 638 Authority on 1 June 2007. The motivation for The development in waiting time has been the merger was the desire to improve coordina- predominantly positive and Southern and Cash flow 2008 2007 tion between the hospitals in the two regions, Eastern Norway Regional Health Authority has Operational activities 2 524 2 683 Investment activities -4 486 -4 628 and the merger aimed especially to ensure the shortest waiting times in all service areas in Financing activities 2 129 2 225 better utilisation of resources and coordinate the Norway. Change cash and liquid assets 167 280 hospitals in the Oslo area. Key figures 2008 2007 The new Akershus University Hospital in Number of citizens in Helse Sør-Øst’s Southern and Eastern Norway Regional Health Lørenskog Municipality was officially opened on ward 2 633 893 2 672 951 Authority has adopted an ambitious research 6 November. The hospital is one of the largest Number of produced DRG points 641 057 637 760 Number of out-patient clinic strategy for 2008-2011, which entails a onshore construction projects in Norway. consultations, somatic 2 257 854 2 066 109 doubling of the resources allocated to research Number of discharged patients from over a ten-year period. in-patient treatment in psychiatric Economic development health care 25 584 25 088 Number of discharged patients from The board has made comprehensive decisions The negative budget deviation from the cross-disciplinary specialist in-patient concerning general principles for the further owner’s result requirements was reduced from treatment for substance abusers 7 263 5 646 development of the specialist health services in NOK 1 087 million in 2007 to NOK 425 million Number of patients on waiting lists (NPR) 130 731 108 614 Number of days average waiting time Southern and Eastern Norway Regional Health in 2008. (NPR) 74 74 Authority, including the organisation into hospital State subsidies/public purchases 49 022 43 545 areas, new trust structures binding interaction Additional Information 2008 2007 with the municipal health services, local Number of full-time equivalents in specialist services, emergency functions and the enterprise group 54 408 53 613 prehospital services, specialised area functions The State’s ownership interest at year-end 100 % 100 % Total percentage of women on the board 50 % 50 % and regional functions. The principles for the Percentage owner-appointed organisation and development in the various women on the board 55 % 55 % focus areas have been adopted.

The meeting of the trusts in Southern and

_Selskapsomtale_eng_ombr.indd 94 02-07-09 11:26:12 _Selskapsomtale_eng_ombr.indd 95 Authority, received have morethan2300patients scheme in Western Health Regional Norway helper After almostayearwiththepatient Important events document. statement inthemission allocations through thetermsfor authorities throughthegeneralmeetingand health exercised itsownershipoftheregional ofHealthandCareServices The Ministry Rights the Patients’ Act. Specialist HealthService Act andSection1-1of objectives setdowninSection1-1ofthe inlinewiththe specialist healthservices providing thecitizenswithnecessary hastheoverallresponsibilityfor The State NOK 17.2billion. people. budgetwasabout The 2008 gross 997000 for and shallprovidehealthservices 50hospitalsandinstitutions,comprise about ees. intheregion The specialist healthservices 25000employ- about The healthtrustshave Helse company Vest IKT AS. healthauthorityownsthelimited regional and Stavanger Apoteka Vest. Inaddition, the Førde, HelseBergen, HelseFonna, Helse Health Authority ownsfivehealthtrusts;Helse Fjordane counties. Western Regional Norway inRogaland,services HordalandandSognog specialist has theoverallresponsibilityfor Western Norway RegionalHealth Authority Chair oftheboard: CEO: INTERNET: TE ADDRESS: Western Health Regional Norway Authority LEPHON: HerlofNilssen Nådlandskroken11, 4034Stavanger www.helse-vest.no +4751963800 OddvardNilsen

© Helse Vest RHF Auditor: Members oftheboard: financing of about NOK1.51billion.financing ofabout Health Regional Authority hadshort-term 2008. At year-end 2008, Western Norway NOK2.22billionin 2.07 billionin2007toabout increasedfromNOK have and CareServices investments. ofHealth LoansfromtheMinistry totakeoutaloanfinance became necessary NOK541million. about increased by In 2008, it NOK 776million. costs The totalotheroperating 2007. about risenby costshave The totalwage NOK1.32billionfrom about costs increasedby NOK2.06 billion,about whilethetotaloperating incomeincreasedby theoperating show that Services. The figuresfromthe2008accounts from theowner, ofHealthandCare theMinistry allocated income ispredominantly operating NOK17.2billion.an annualbudgetofabout The Western Health Regional Norway Authority has Economic development employees andpatients. both andsecuritygainsfor significant efficiency Authority. The systemaimstogenerate started in Western Health Regional Norway journalsystem(EPJ) of theelectronicpatient In November, thefirstphaseofintroduction frame ofNOK94million. 2008. anannualcost have The agreements in services andx-ray providers oflaboratory with private entered intosixagreements Western Health Regional Norway Authority thehospitals. at substitute staff quality ofandgaincontrolovertheuse projecttoimprove the inanational forces joined healthauthorities have regional The four million in2009andasimilaramount2010. willbedistributedovertwoyears,money NOK243 ances in the allocations to the health regions. The NOK 500millionmoretoevenouttheimbal- Regional Health Authority will receive almost In 2008, it was announced that Western Norway Health Authority and youngpeoplein Western Regional Norway children clinicsfor outpatient thepsychiatric at theirchildrenreceive withthetreatment happy nextofkinare from2008showsthat A survey continued asapermanentservice. individual and practical help. The scheme will be Nyborg, GroSkartveit, NilsP. Støyva Handeland, Aslaug Husa*, Torhild Selsvold Helge Espelid*, IngerF. Hamorg*, Gisle Ohene Aboagye, GunnarBerge, GerdDvergsdal, Ernst& Young AS 95 KariOftedalLima, Total equityandliabilities Total liabilities Current liabilities Other long-termliabilities Total andcharges liabilities provisionsfor Total equity Retained earnings Subscribed equity Total assets Total current assets Bank deposits, cash, etc Receivables Inventories Total fixedassets Financial fixedassets Tangible fixedassets assets Intangible Balance sheet Result requirementfromtheMHCS -exemptfromtheresultrequirement financialassumptions Increased pensioncostsduetochanged Annual result Tax costs Net financialitems Operating profit/loss costs Operating income Operating Income statement(MNOK) * EMPLOYEE-ELECTED St ontheboard owner-appointedPercentage women Change cashandliquidassets Financing activities Investment activities Total ofwomenontheboard percentage The State’s year-end ownershipinterestat theenterprisegroup Number offull-timeequivalentsin Additional Information subsidies/publicpurchases State (NPR) waitingtime inaverage Number ofdays onwaitinglists(NPR) Number patients substance abusers for treatment specialisedin-patient cross-disciplinary from Number ofdischargedpatients healthcare withinpsychiatric treatment in-patient from Number ofdischargedpatients consultations, somatic clinic Number ofout-patient Number ofproducedDRGpoints Number ofcitizensinHelse Vest’s ward Key figures activities Operational Cash flow (Ministry ofHealthandCareServices) (Ministry ofHealthandCare Services the Ministry Deviation fromresult requirement setby a te ownership: THE STATE’S OWNERSHIPREPORT 2008 100percent 717 690 197 957 996 712 14 853 10 630 14 853 13 657 12 403 17 539 17 371 16 964 16 319 53 000 12 677 -3 834 -1 488 100 % 8 057 4 638 2 223 1 197 6 796 1 196 1 044 1 307 2008 2008 2008 2008 2008 50 % 50 % -253 -168 -141 585 525 209 112 173 354 135 527 -84 87 0

701 185 194 516 967 471 14 251 10 686 14 251 13 210 11 986 16 222 15 314 17 441 14 469 45 953 -3 587 -1 130 100 % 7 153 4 018 2 071 1 064 7 098 1 041 1 066 9 368 2007 2007 2007 2007 2007 33 % 50 % -965 -908 -300 411 542 158 575 796 364 101 527 -58 -90 02-07-09 11:26:15 88 31 0

The State’s direct ownership is managed by Ministry of Education and Research Ministry of Petroleum and Energy several ministries. The contact information for Department of Higher Education Administration, Budgets and Accounting the owner ministries is given below. Tel.: +47 22 24 77 01, Fax: +47 22 24 27 33 Department (Uninett AS, NSD AS, UNIS AS, Simula Tel.: +47 22 24 61 11, Fax: +47 22 24 65 53 Ministry of Health and Care Services Research Laboratory AS) (StatoilHydro ASA, Petoro AS) Department of Hospital Ownership Tel.: +47 22 24 82 99, Fax: +47 22 24 27 92 Ministry of Agriculture and Food Oil and Gas Department (The regional health authorities) Department of Research, Innovation and Tel.: +47 22 24 62 09, Fax: +47 22 24 27 78 Regional Policy (Gassco AS) Department of Public Health Tel.: +47 22 24 92 50, Fax: +47 22 24 91 50 Tel.: +47 22 24 87 01, Fax: +47 22 24 86 56 (Veterinærmedisinsk Oppdragssenter AS) Energy and Water Resources Department (AS Vinmonopolet) Tel.: +47 22 24 63 01, Fax: +47 22 24 95 68 Department of Forest and Natural (Statnett SF, Enova SF) Department of Specialist Health Care Resource Policy Services Tel.: +47 22 24 92 51, Fax +47 22 24 27 53 Climate, Industry and Technology Tel.: +47 22 24 82 98, Fax: +47 22 24 95 78 (Statskog SF) Department (Kompetansesenter for IT i helse- og Tel.: +47 22 24 62 19, Fax: +47 22 24 95 66 sosialsektoren AS) Ministry of Trade and Industry (Gassnova SF) Ownership Department Ministry of Justice and the Police Tel.: +47 22 24 01 41, Fax +47 22 24 01 45 Ministry of Transport and Civil Affairs Department (Aker Holding AS, Argentum Fondsinvesterin- Communications Tel.: +47 22 24 54 51, Fax: +47 22 24 27 22 ger AS, BaneTele AS, Bjørnøen AS, Cermaq Department of Public Roads and Rail (Norsk Eiendomsinformasjon AS) ASA, Electronic Chart Centre AS, DnB NOR Transport ASA, Eksportfinans ASA, Entra Eiendom AS, Tel.: +47 22 24 83 01, Fax: +47 22 24 56 08 Correctional Services Department Flytoget AS, Kings Bay AS, Kongsberg (Baneservice AS, NSB AS) Tel.: +47 22 24 55 01, Fax: +47 22 24 55 90 Gruppen ASA, Mesta AS, Nammo AS, Norsk (Itas amb AS) Hydro ASA, SAS AB, Secora AS, Statkraft SF, Department of Civil Aviation, Postal Store Norske Spitsbergen Kulkompani AS, Services and Telecommunications Ministry of Local Government and Regio- Telenor ASA, Venturefondet AS, Yara Tel.: +47 22 24 83 53, Fax: +47 22 24 56 09 nal Development International ASA) (Avinor AS, Posten Norge AS) Department of Local Government Tel.: +47 22 24 72 01, Fax: +47 22 24 27 35 Research and Innovation Department Ministry of Foreign Affairs (Kommunalbanken AS) Tel.: +47 22 24 67 43, Fax: +47 22 24 27 77 Department for Regional Affairs and (Innovation Norway, SIVA SF) Development Ministry of Culture and Church Affairs Tel.: +47 22 24 35 66, Fax: +47 22 24 95 80 Department of Administration and Finance (Norfund) Tel.: +47 22 24 78 11, Fax: +47 22 24 78 16 (Norsk Tipping AS)

Department of Media Policy and Copyright Tel.: +47 22 24 80 07, Fax: +47 22 24 80 39 (Norsk Rikskringkasting AS)

Special circumstances

• All figures are as of 31 December 2008, have been • Two terms are used to measure the financial development obtained from the group accounts and are in accordance for the regional health authorities: annual profit/loss as with generally accepted Norwegian accounting standards, appears in the audited accounts, and corrected annual except for SAS. SAS’ accounts have been prepared in profit/loss - which is the result target used by the owner. accordance with Swedish accounting standards and Corrected annual profit/loss is the annual profit/loss from converted into NOK using the company’s stated exchange the accounts corrected for depreciation costs which are rates. not included in the balance sheet requirements, cf. Storting Proposition No. 63 (2003-2004) – Additional grants and • The following companies have made the transition to reprioritisations in the State’s fiscal budget including the reporting in accordance with IFRS: Argentum Fondsinvest- National Insurance Scheme 2004. eringer AS, Avinor AS, Cermaq ASA, Entra Eiendom AS, DnB NOR ASA,Kommunalbanken AS, Kongsberg Gruppen • The board and state ownership interest on the company ASA, Norsk Hydro ASA, NSB AS, Posten Norge, SAS AB, pages have been updated as of 31 March 2009, while the Statkraft SF, Statnett SF, Telenor ASA and Yara International State ownership stake is as of 31 December 2008. The ASA. The 2008 and 2007 accounting figures for all these Ministry of Trade and Industry is not responsible for any companies are in accordance with IFRS. errors in the figures and calculations. See the companies’ individual annual reports for further information. • The stated accounting figures have been obtained from the companies’ annual reports, but key figures have been calculated using the same method for all companies in accordance with stated definitions. This can result in some of these figures deviating from the figures stated by the companies in their reporting.

_Selskapsomtale_eng_ombr.indd 97 02-07-09 11:26:24 Definitions

The list below defines terms as they are used in this report. • Return – used in this connection about accounting Please note that these definitions may deviate from the quantities. companies’ own definitions, as several of them are defined in – Return on equity – annual profit after minority interests different ways by the companies and tax divided by the majority owner’s share of average book equity • Number of employees – number of employees at – Return on capital employed – EBIT divided by average year-end, or the average for the year, or the number of capital employed full-time equivalents in some cases. The method varies – Calculation of average return on equity uses arithmetic between companies, but the same method has been used mean for each company over time. • Capital employed – Equity plus interest-bearing debt. • Return on Capital – The return consists of the price development for the share, including dividend. The calcula- • Board remuneration – Disbursement to the members of tion of the average annual return uses the geometric mean, the board for their work as board members, as reported in taking into account increases in value for disbursed the companies’ annual reports dividend corresponding to return for five-year government bonds. • Total remuneration to the CEO – wages, pensions and other benefits in accordance with the companies’ annual • Direct return – Disbursed dividend per share for the year reports. For companies which during the course of the year as a percentage of the share price at the beginning of the have had more than one CEO, the total remuneration will year. include total remuneration for all these persons throughout the year. • EBIT – operating profit/loss plus stakes in associated companies and financial income • Dividend percentage – Allocated to dividend as a percentage of the group profit • EBITDA – EBIT before depreciation and write-downs – Average dividend percentage is calculated as total dividend divided by total group profit after tax and • Equity ratio – equity as a percentage of total assets minority interests for the last five years.

• Cost ratio – operating costs divided by total net interest and credit commission income and other operating income.

_Selskapsomtale_eng_ombr.indd 98 02-07-09 11:26:24 Contents

Contact information 96

Design and production: 07 Gruppen, Oslo

Omslag2008_Engelsk.indd 2 02-07-09 11:28:07 Th e S t a

te ’ s own e r h i p por The State’s ownership report 2008 t 2008

Ministry of Trade and Industry P.O. Box 8014 Dep NO-0030 Oslo

Visiting address Einar Gerhardsens plass 1

Telephone +47 22 24 90 90 Fax +47 22 24 01 30 E-mail [email protected]

Internet www.regjeringen.no/nhd www.ownershipreport.net

K-0711 E

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